Research Four Character About Issue Local Government Bonds In Our Country

This article is mainly to study on the publishing right of local government debt inChina and elaborates the importance necessity, inevitability and feasibility of localgovernment debt which issue publicly and independently.The paper also intend tomakes the theoretical support for the local government about p ublicly publishing debt,and in response to calls to allow local governments to issue bonds. The localgovernment should have independent creditor’s rights is the meaning of this paper.In this paper, the first step starts with simple introduction to the theoretical basisof government debt, the second step newly and uniquely analysis and discusses thethe relationship and difference, cohesion, complementary， transformation andascension of importance, necessity, inevitability and feasibility. The third step havefour part,First,detailed and expounds（阐述） the importance of local governmentdebt， on the economy，on system hand， which help to speed up infrastructureconstruction and help local government organization of state-owned capital operation,help to optimize（优化） the structure of the debt burden and help the economycoordinated development;which helpful to reduce the debt burden of the centralgovernment, to standardize the financing behavior of local government, to prevent thedebt crisis of local government on politics; which helpful to perfect the taxclassification financial system, to perfect our local finance credit system, to perfectour country’s financial market system. Second,highly summarizes the necessity oflocal governments to issue bonds, by theoretically，which is a basic requirement ofthe public product hierarchy（层次） theory and is to meet the requirements of theregional public goods;and on Financial system, the role of public finance is dependenton the local bond issued, local fiscal balance depends on local bond issued, severalpilot (试点)provinces and cities to prove its necessity, public financial system dependson the basis of local finance; on financial mechanism which is request of fiscaldecentralization theory and classification of fiscal reality, is the necessaryrequirement of finance rights and matching, And the QuanZeLi unified so. Third,deeply analysis of the necessity of local government bonds， for governmentauthigenic which is the needs of economic and macro adjustment, is the need to reduce its debt risk;for economic development, which is the needs to serve the activefiscal policy, is the need of making up local government deficit capital part, is theneed of speeding up infrastructure; for real financial revenue and expenditurepart,which is need of make up the central and local income and expenses imbalances,is the need of the implementation of the local financial; And for the perspective ofintergenerational fairness which is the nesseray means to eliminate theintergenerational unfairness. Clearly put forward the feasibility of local governmentbonds, on the theory and experience hand, bonds and foreign bonds theory andexperience; On the political and legal hand: the reality of Character and regimeregime classification management, establishing and perfecting the governmentmethod is feasible; on the Financial practice preparation hand: the existence of a largenumber of local borrowing， the system foundation of tax distribution, the revenuedemand of local government; On the economic and financial strength Part: macroeconomy healthy and rapid development,the existing of huge savings deposit, theexisting debt payed capacity by social capital and the capacity of pay limit borrowingby government itsself.