Study On The Legislation Of China's National Debt Law

According to the research, the activity of national debt came into being early in slave society, it's not the special product of the capitalist society for the human society, because it didn't begin to influence the economy greatly of that times for which the debt scale is small. Since modern times, the activity of national debt accompanied the war, and it has begun to become the important financing facility of the war, which is the hiding character of the national debt. When the human being entered the capitalist society, especially from the Great Depression, every country began to finance budget deficits and stimulate economic development through adding issuing national debt. Meanwhile many countries have issued the relevant regulations about national debt in the world. The market of national debt has grown rapidly in recent years in China, especially since the financial crisis in Asia in 1998, the central government of China has achieved greatly by adding national debt to stimulate economic development. But meantime, there exists many problems in the market of Chinese national debt which due to the lag of legal system construction of national debt behind the present international times. The law of national debt is the important part of Chinese socialist legal system, and it can guarantee the sound development of the national debt market and it can finance the budget deficits and it can adjust the development inequality in regional economy. Thus, how to formulate the law of national debt to ensure the healthy development is deserving to study.This paper studies the legislation of Chinese national debt from the below four parts. This first part:A general analysis on the legislation of national debt in China. This part mainly presents the concept of the national debt and the law of the national debt, meanwhile analyzes the meaning of their concepts, too. There is some basis of the science of finance and law at home. This paper analyzes the characteristics of law and functions from the perspective of the finance and economic law. The second part:The overseas legislation of national debt and inspirations to China. Compared and studied the legislation in America, Germany and Japan, reveal the inspirations of the legislation in overseas, including:perfecting the financial legal system, establish the principle of legal prescription about national debt, constructing the reasonable type and structure of national debt, making clear the date of issue of national debt, completing the secondary market of national bond, increasing the liquidity of national debt,establish the local finance of the local government, strengthening the supervision of the funds of national debt, raising the performance of the funds of national debt and so on. The third part:The presentation situation of the legislation of national debt and the exiting problems in China. The part reviews the formation and the development of national debt of our country, analyzes the present situation of the legislation of national debt, and also shows the problems in the course of the legislation of national debt in China. The fourth part:The suggestions of the legislation of national debt law in China. The part analyzes the nature of the national debt law, proposes the mode, the system and the principle of the legislation of the national debt. The paper considers that we should persist the principle of legal prescription of the national debt, we should persist the principle of democracy of the national debt and we should persist the principle of financial integrity of the national debt. This paper bases on the principle of the rule of law financial, to structure the specific details of the national debt law, including the approval institution of the national debt issuing, the system of the national debt issuing, the circulation system of the national debt, the redemption system of the national debt, the managerial system of the national debt, and the legal liability.