Research On The Legal System Of Treasury Bond Issuance

The issuance of treasury bond is the basis and starting point of thenational debt’s running，only strictly regulating the issuance of treasurybond activities, and maintaining the issuance market health and stable cantreasury bond play a role of macroeconomic regulation and control as afiscal policy. Chinese scholar’s study of the issuance market mostlyaround the field of economics, by economical or mathematical, statisticalmethods. The research of treasury bond’s legal system mainly discuss onsome aspect like the species,the term structure, the frequency,the interestrate,the time to issue,the specific announcement,the issue method,thesize,the distribution use,etc.In today’s china,articles and monographsabout the legal system of the treasury bond issuance are few and there area lot of problems exiting in treasury bond issuance laws. On the macrolevel, the highest level of legislation regulates the issuance of treasurybond<Treasury Bond Law> has been absent so many years，the system oftreasury bond issuance consists of departmental rules，regulations，announcements,notice，measures and so on,the legislative level is verylow and scattered, there are many legislative gaps, it is difficult toeffectively regulate issuance of treasury bond. On the micro level,compared with developed countries，the frequency is very low,and thedegree of market-oriented is very low too,investors are difficult to makemore choices;The term structure richness is lack，treasury bond in one month and less than one month are absent. The attention to nationalmacroeconomic regulation and control function of short-term treasurybond is not enough; On the aspect of treasury bond issuance method<Standards of Treasury Bond Syndicate>is seriously laggingbehind,cause the bond market is lack of competition and dynamism, notconducive to the market price formation mechanism; Because structure ofbond allocation indicators is imbalance, has not paid enough attention tothe vast group of rural markets and farmers, the treasury bond can notreally enter the rural market; The treasury bond funds investment is lackof supervision, the use of bond is not very transparency, the quality of thebond project will also affect the risk of the bond repayment; In theprogress of managing the size of treasury bond,there are many progressbut have yet to find the standards according to China’s national conditions.This article will focus on the problems of above,combine with thelegislative experience of other countries, put forward a series oflegislative proposals for Chinese: China should respond to the scholarscall as soon as possible to make treasury bond higher law<Treasury BondLaw>, the contents of the system regulating the issuance of treasury bond;To increase the treasury bond frequency appropriately,use the legal formto formulate minimum issue frequency of each kind of treasury bond peryear;while issuance of short-term treasury bond in one-month and lessthan one-month, to reduce the qualification standard of treasury bond syndicate to form a vibrant, fair free bond sale market; To regulatemoderate bond allocation amount to send treasury bond to the countryside,and supervise strictly the bond funds investment and project,and to makelaws regulating an appropriate scale of treasury bond issuance and so on.