The Research Of A Financing Mode In Infrastructure Construction Under The Background Of New Urbanization

After the success of18th Congress of China’s Communist Party,the new urbanization has become the hot issue in China once again.Under the above circumstance.At the same time,with the continuously propelling of urbanization, the rural collective land is levied.Due to the defects in the system, regulatory loopholes and unreasonable compensation standards of China, the problem of compensation for landless peasants are becoming increasingly serious.Basing on the basic research of municipal bonds, this paper begins with a brief overview of infrastructure,municipal bonds and land expropriation related theories.Secondly, the paper analysis the current financing channels for infrastructure construction,the problems which local government face lately and the problem of land compensation in China,all the above reflect on the hard situation on the way of the new urbanization.Subsequently, through comparison to emerging municipal bond market of the developed countries like Japan and United States,as well as some experience from developing countries like Poland,the paper summarize some actual valuable references and inspirations which fit on the situation of the new urbanization.Finally,a new way named urban infrastructure bonds which is based on municipal bonds is proposed.The bonds are mainly issued by local government,the government’s tax and the profit infrastructure’s future cash flow can ensure the money pay back to the creditors,at the same time,it can improve the compensation that landless peasants get by the way of giving those peasants some creditor’s rights.The paper develope the urban infrastructure bond model from the aspects of bond issuance, circulation, solvency and debt distribution.Through a case study of a highway financing,the paper made a preliminary verification for the feasibility of the urban infrastructure financing mode.The research shows that urban infrastructure financing bonds fits the situation in China.It can not only solve the problem of China’s infrastructure construction financing difficulties, but also can improve the interest distribution imbalance between the government and the landless peasants.