Research On External Debt Management System Of China

During the period of the reform and opening up in China, foreign debt plays an irreplaceable role in attracting the foreign capital and promoting the development of China's economics and society. Foreign debt management system is an important component of fiscal policies and closely correlated with monetary policies, especially with its foreign debt management policies, greatly influencing the national macro-control system. In recent years, with the rapidly increasing amount of foreign debt in our country, the pressure on payment has increased. Meanwhile, with the unreasonable structure of foreign debt, the ratio between the balance of short term foreign debt and the long term foreign debt is far beyond the international alerting standard. In addition, the domestic and international situations facing by the current foreign debt management system are undergoing critical and profound changes. Therefore, how to perfect the foreign debt management system and prevent foreign debt crises happened in 80s last century in the Latin America countries become important issues in the fiscal policies and macro-control policies reformation. Theoretically, this paper derives from the basic concepts of foreign debt, basing on analyzing of the reasons for crisis in Latin America and other developing countries as well as analyzing the solutions for global foreign debt crisis, to presents several problems through profound research in the current foreign debt management system in China: The investing of the government external debts does not in line with the objectives and principles of public fiscal management; There are discordances within Ministries and committees that in charge of foreign debt management, impeding the smooth implementation of macro-control policies; There is no unite management system on the borrowing, usage and return of the foreign debt, containing a certain amount of risks in payment; The structure of foreign debt is far from reasonable, the ratio for short-term foreign debt is still high, the whole economy is fragile to the shock of hot money so on and so forth.This article focus on analyzing the position and the function of foreign debt management policies in the coordinating the fiscal policies with the Monetary policies, exploring the type of foreign debt management system matching with public fiscal...