Research On The Debt Problem Of Chinese Local Government In The New Normal

Under the new normal conditions of economic development,our local governments are faced with the institutional environment of economic decentralization and political centralization.Local governments have become important subjects with independent economic interests and decentralized decision-making power.With the completion of China's tax-sharing reform and the launch of the change of“business tax to value added tax",On the one hand,it obviously strengthened and improved the macro-control ability of the central authorities on economic development,On the other hand also to varying degrees to improve the local government dependence on central finance,which inevitably lead to local government funding difficulties.In order to adapt to international and domestic economic environment changes,Local governments need to adjust the economic structure and accelerate the construction of infrastructure,thereby,Local governments use a variety of financing to raise construction funds,As the local government financial distress,solvency is limited,the debt risk has become increasingly prominent.Under these circumstances,Hoping to strengthen the government debt early warning through the evaluation of the local government debt risk,and take the corresponding countermeasures,defense,reduce the risk,in this article,we select to research the local government debt problem.In this paper,according to the following framework,we studied Chinese local government debt in the New Normal:1.The first chapter,"Introduction",puts forward the background and the meaning of the study of local government debt,and expounds the main contents and research methods of this paper,and points out the innovation and shortcomings of the research process.2.The second chapter,"the local government debt research literature review",is a comprehensive description on references at home and abroad.It organizes in detail the research results of scholars at home and abroad,points out what relevant researches have been made by domestic scholars,what viewpoints they have given and what the existing limitations are,and clarify the spatial and time value of subsequent researches.3.The third chapter,"The Current Situation of Local Government Debt in China and analysis of the existing key problems ",mainly introduces the basic situation of local government debt in China.Firstly,it analyzes the total amount and structure of the local government debt,then expounds the characteristics of the local government debt,analyzes the economic benefit of the local government debt again,and finally analyzes the existing key problems of the local debt.4.The fourth chapter," The cause analysis of local government debt",This chapter analyzes the causes of local government debt in China from three angles:economic development,fiscal management and administration.5.The fifth chapter,"The Risk Assessment of Local Government Debt in China",introduces the theoretical basis of the risk assessment of local government debt in China,including the construction,classification and data of the local government debt model.,And on this basis,the empirical analysis of China's local government debt risk assessment,found that the development trend of the problem.6.The sixth chapter,"Experiential Analysis of Local Government Bonds in Developed Countries",analyzes the patterns of their discoveries and management systems,and summarizes them in terms of the local government bonds system and the local government bonds system in Japan,and draws corresponding conclusions from the developed countries' Experience and enlightenment,through the way of foreign debt management and management,risk prevention to carry out comparative analysis,put forward some of China's local government debt risk prevention reference ideas and methods.7.The seventh chapter,"new normal way of China's local government debt risk prevention countermeasures." In this chapter,firstly,the rationality and feasibility of debt issuance by local governments are expounded.It is considered that the best way to resolve local government debt is to allow local government to issue debt in a certain degree.Under this premise,the paper proposes to improve the local government debt issuance system,and put forward the establishment of monitoring mechanism and risk prevention mechanism8.The eighth chapter,"Summary and Outlook" Based on the summary of the research content of this article,summarize the conclusions and innovations of this paper,and also analyze the shortcomings of this article,and put forward the research prospects of the related issues.