Research On Legal Issues Of The Local Treasury Bond

Local treasury bonds is a theoretical proposition, it is a practical problem. As a kind of institutional innovation, it not only changed the traditional local government financing path dependence, its distribution and governance effect more about national modernization of the management system and management ability of success or failure. As is known to all, in1994, our country financial system-system is creating huge change of local financial and material resources in getting close to the central constantly weakened at the same time. In the asymmetry of financial powers and responsibilities and the legal system under the condition of insufficient supply and, local governments often through to avoid institutional constraints, the power of the reconfiguration for resources, raising a lot of local government debt outside the budget system, form a huge underground debt market, plagued the healthy development of the bond market and financial market. Is based on the local government bond issuance, the drawbacks of the positive effect and negative state not only changed the "budget law", also give a lot of support on policy, such as the state council issued "the opinion of the state council on strengthening local government debt management", the ministry of finance released the spontaneous since2014, local government bonds also measures for the pilot, the ministry of finance and other ministries jointly issued the "interim measures for general bond issue of local government management". Based on the review and expounding the current situation of local government bonds and on the basis of ontology, in view of the existing problems of local government bonds, by analyzing the governance dilemma after that, the rule of law and good governance is the fundamental way to a local government debt management, market is the basic route of local government bond management, should be in the form of legal norms intergovernmental financial relationship. In the way of specific diameter, to straighten out the central and local financial relationship, clear the subject status of the local government; Build system of local government debt constraint, clear debt responsibility; Local government financing platform of prudence; Improve the local democratic supervision mechanism. In general, by the governance and the rule of law and market norms, the issue of local government bonds and operational mechanism would be able to expand, how to allocate the powers and responsibilities of between central and local governments to get reasonable configuration, so as to effectively promote the reform of the fiscal and taxation systems to deepen and the realization of the fiscal and taxation under the rule of law, guarantee the sustainable harmonious development of the country under the rule of law.