Study Bonds Issued Under Constitutional Government

Since1998, China’s central government is in reference on the basis of Keynesian economics theory, began to implement a proactive fiscal policy and conducted several large-scale bond offerings, aims to increase the government’s economic investment ability, drive the national domestic demand, thus stimulating national economic growth. Continued fiscal deficit causes the amount of government bonds and Treasury bonds outstanding balances are increasing every year. At the same time, local governments and universities although these public agency does not yet have the qualification of issuing local government bonds, in order to solve the local fiscal difficulty or expand the scale of higher education, also are actually foreign borrowing. Because the final undertaker debt, thanks to the central government led to China’s sovereign credit exists huge potential risks.From the perspective of constitutional jurisprudence research, first of all, should from the perspective of the ought to be bond with the intrinsic logic relation between constitutional government. Studying government and democracy, human rights and the rule of law, etc. The relationship between the constitutional elements, for the study of different countries or areas provide macro guidance debt issuance. Second. Should from the perspective of the empirical research of the relationship between bonds and constitutionalism. Study nature of different countries, national and debt issuance under regime organization form, characteristics and laws, reveals bond issue with a specific regime organization form between the internal logic. On this basis, to explore through constitutional way to control the necessity of government debt, and puts forward Suggestions for the constitution is used to control debt issuance.Constitution control bond issues, it is to point to for bonds issued by the constitution provides the basic principles of control, establish the basic way of issuing control and clear debt issuance the basic way to control. To control the constitution bond issues, on the one hand, is the guarantee of human rights, especially the generation of human rights needs; On the other hand is the restriction of state power, prevent the abuse of public power needs. So it is necessary to clear in the constitution of bond distribution between the central and local distribution, increase the provisions of human rights, this is the only way for bond issuance constitution control in our country.