Study Of The National Debt Legal Supervisory System Of China

With thirty years of development, the supervision legal system has beenestablished and showing characters of separated supervisory system andmulti-institution supervision. Initially, there’s one only market, the counter nationaldebt market. Then the exchange national debt market had been established, and theinterbank national debt market came after. The treasury, the people’s bank of China,China securities regulatory commission and reform commission are the supervisoryinstitutions. As the issue of national debt came earlier than the securities regulatorycommission, it’s the treasury and people’s bank playing the supervisory roles.Exchange market was serious confusion commercial banks to exit the Exchangemarket re-formation of the inter-bank market. Formed in a step-by-step process ofdevelopment of the sub-market regulatory legal system has some advantages, reducethe risk of market system. This is evident from the steady development of theinter-bank market. But the choice of system is limited by the time of the historicalenvironment and human bounded rationality, therefore, play a certain role, but withthe historical changes in the environment, the demand for institutional change willbecome stronger and stronger. In those which have developed capital market, nationaldebt regulatory regime is well run with unified government regulation andself-regulation characteristics. From pricing, liquidity, market cost and transactioncost perspective, diverse regulatory legal system there is a market and regulatoryinefficiencies, and regulatory bodies to a wide range of legal system is not conduciveto the development of the market. China’s government debt supervisory regime has made against the development of the national debt, which has been graduallyemerging. By discussing the shortcomings of the existing national debt legalsupervisory system and learning from the successful experience of developedcountries on the basis of further recommendations for improvement, the writer bringsforward some suggestions to improve the national debt legal supervisory system.This article includes three parts: the total of introduction, the body and theconclusion, in which the body is divided into four chapters:The first chapter includes analyze of the concept and legal nature of the nationaldebt and discussion of the connotation of national debt supervision form perspectivesof theoretical basis of the regulatory, supervisory objectives and supervision areas.The second chapter discussed the insufficient of the existing supervisory systemand analyzed reasons of the insufficient. This chapter in respect of the inter-bank bondmarket and the exchange bond market regulatory regime elaborated on this basis thatthe administrative supervision of the current regulatory regime is not uniform, andlimited the lack of self-regulatory efficiency, and focusing on the lack ofadministrative supervision the formation mechanism were analyzed and discussed.The third chapter introduced the supervisory system of countries with developedmarkets. This chapter describes the regulatory system in the United States, Britain andJapan, the three countries, government regulation and self-regulation of these threecountries to do the analysis, combined with China’s actual situation to discuss whichpart of their experience is suitable to learn.The forth chapter is some ideas on improving the legal supervisory structure ofthe national debt. The writer proposed that the unified administrative regulatoryregime should be established by the Commission for the regulatory bodies; Secondly,to strengthen the independence of the Exchange as a self-regulatory organization toimprove self-regulation under the level of the stock exchange; Finally, through theappropriate system to improve the registration and settlement and custody strengthenself-regulation of the level of the Depository and Clearing Corporation.