| After the implementation of the tax reform of1994, China’s financial gradually move up, but has a tendency to move down the duties, lead to local government gradually tight finances. Local governments in order to meet the needs of economic development and urban construction, need to borrow a lot of money, and China’s "budget law","security law" does not allow local government debt, so local governments have indirect financing through various means. Especially in2008after the outbreak of the financial crisis, China’s local government debt scale expands rapidly, and by the end of June2013, the national government at all levels have the responsibility of repayment of the debt of20.698865trillion yuan, the guarantee responsibility for the debt of2.925649trillion yuan, may assume certain rescue obligations of debt of6.650456trillion yuan. Although the amount of local government debt and risk are still in a controllable scope, in a short period of time no serious financial crisis, but we should focus on local government debt problem as soon as possible, especially to perfect relevant laws and regulations on local government debt management, establish relevant legal system, nip in the bud.Current fiscal and taxation system in our country is not reasonable, the central government and local government finance rights and asymmetry, local government debt directly is mainly due to the backward reform of the system. And there is no relevant laws and regulations in China clear between central government and local government, local governments at all levels, the rights and obligations of government responsibility is not clear. Local government governance scope is not clear, too much of the functions of the local economic development, urban construction, sometimes even with the central government responsibility, directly stimulate the expansion of local government debtTransfer payment system and not by the form of law, the local government wants to get the central government transfer payments usually require matching funds, easy to create "moral hazard". Economic growth is still rely mainly on investment, especially the dominant government investment. Private capital into the infrastructure field, obstacles in the field of public utilities, lack of corresponding laws and regulations, or rules of law level is too low, the actual effect is limited. This mainly relying on government investment mode of economic growth on the one hand, increased government burden, reduce the utilization of funds, on the other hand, makes a large number of idle folk capital, and can only be used for property speculation, fry the phenomenon such as agricultural products. And private capital into hospitals, schools, nursing homes, public transport facilities construction, and other fields is also very difficult, lead to now our country medical treatment resources, education resources, such as nervous, a hospital bed is hard to find. Children enter key schools need to pay the high ZeJiaoFei; Many nursing homes, especially public nursing home need more than10years in line ahead of time. If we just rely on the government financial solve the problem of the people’s livelihood is impossible, also does not have the ability of local government. So we should guide the folk capital investment in these areas through legislation, can both reduce the government financial burden, but also can improve people’s livelihood, the government just be regulation, guide function. Promotes the development of the socialist market economy, play a leading role of the market, the construction of a harmonious socialist societyThe current budget law system in China is very backward, and the current "budget law" to the local government financial constraint ability is very limited. Budgeting is not detailed, the government can modify; The place National People’s Congress, the public budget implementation to the government supervision function is limited; Local government contingent liabilities have not incorporated into the government budget lead to problems such as local government budget system in our country there are many loopholes, abuses of power by the local government abound.The current law does not give the rights of local governments to issue bonds, but in practice usually through investment and financing platform of local government financing, produced a large number of local government recessive debt, further increased the difficulty of the statistics, management, conducive to risk control. Confusion and the management of the local government investment and financing platform, the lack of corresponding laws and regulations., therefore, should be endowed with the rights of local government debt through legislation, but clear limits to the right, increase the threshold of government borrowing. The government debt scale should be adapted to fiscal revenue, shall not exceed a certain proportion of the fiscal revenues.For local government debt risk control to set reasonable monitoring indicators, such as ChangZhaiLv, debt ratio, debt ratios, etc.; Actively develop intermediary institutions, and actively play such as law firms, accounting firms, audit institutions, intermediary institutions and experts, and other independent third party in the role of the government investment project decision-making, operation process, promote the scientific project investment decision-making, professional level, increasing the utilization of funds, strengthening the project operation monitoring; Establish a sound credit rating system, many countries have adopted the standard&poor’s rating agency on the project, credit rating directly affect the cost of financing.Most countries in the world to allow local governments to issue bonds, only on local governments to issue bonds permissions for different levels of restriction. The United States, Japan, Canada, Australia and other countries in the aspects of local government debt management experience more mature. States and the government can issue bonds, municipal bonds. The United States has a mature bond market, perfect the legal system, clear regulators, each link of municipal bonds formed the hard constraints, effectively guard against and dissolve the local government debt risks; Japan, through the constitution, the laws such as the autonomy of local government made clear the relationship between the central government and local government, endowed with the rights of the local governments to issue bonds and by program management and protocol distribution system of local government debt scale of effective control, each link of local government debt formed strict constraints; Australia set up professional financial financing company, high professional level, improve the efficiency of fund use, broaden the financing channels, to avoid excessive government intervention in market behavior. These successful experiences are worth our using for reference.Through the above analysis, solve the problem of local government debt to increase the reform of the system, change the existing fiscal and taxation systems, balance the relationship between rights and obligations of the central government and local government; Stepped up efforts to formulate relevant laws and regulations, which gives the rights of local governments to issue bonds, increasing the management of local government debt, the system of the government’s right to put into a cage; Establish and improve the local investment and financing platform management legal system, to quantify the investment and financing platform integration, improve quality, renovation mess; Transformation of economic growth mode, promote the change of government functions. Guide the private capital into the infrastructure, public sector, reduce the government’s excessive intervention of the economyIn the period of economic transformation in China, the lack of laws and regulations, imperfect legal system is inevitable. Therefore, we should learn from western advanced experience, draw lessons from other countries. Actively promote the process of our rule of law, the construction country under the rule of law, make laws regulating the behavior of the government, the main basis of market main body behavior. Strengthen the legal guidance, binding and operability, the formation of a "hard constraints" of the local government debt. Reform and perfect the system of China’s existing financial powers and responsibilities, budget system, the tax distribution system, the local government investment and financing platform management system, and so on all need to legislation as the logical starting point, choose the path of the rule of law, let all the behaviors are built into the legal system. What is more important to regulations related responsibility system, in the form of law provisions of the corresponding punishment to be truly "laws, the laws, law applied and punished accordingly". Make up for in the form of legislation at present, the system of local government debt problems of all kinds of defects, guard against and dissolve the risk of local government debt... |
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