The Creditor’s Rights Protection Of The Local Government Debt

On February 15, 2016, HeBei province directional issued 35.013 billion of local government bonds, opening the prelude to issue local government bonds. Since new budget law enacted in August 2014, The State Council and The Ministry of Finance launched a series of supporting measures to control the local government debt. On August 29, 2015, the 16 th time of the NPC committee approved that local government debt limit bill be approved by The State Council in 2015. Lock the local government debt in 16 trillion yuan. The debt ratio is 86% in 2015. Under this background, the author start study the local government debt.Local government debt provides financial guarantee for local public facility construction, and the local government debt plays an important role in the development of public utilities. Before the new budget law be promulgated, local government debt hadn’t been constraint by law. The local government debt will generate crisis because the government expanded debt scale constantly. After new budget law promulgated, the local government borrowing behavior be incorporated into the legal system. However,there still exist some operational problems of relevant specifications, such as local government debt management system is not sound, the finance relationship between the local government and the central governments is unreasonable, the lack of local government debt repayment mechanism and so on. This article put the perspective on creditors of local government debt. It is deem that the current local government debt laws and regulations put the local government as the center, and mainly limit local government the borrowing behavior to make the local government borrowing behavior standardization and legalization For the creditors, the relevant specification less involved. So the author put this as the point--the missing rights and interests protection of local government debt’s creditors, and analyzed and studied this problem.In this paper, respecting for other author’s achievements and using the law perspective, the author analyzed the current situation and the reason of the missing rights and interests of local government debt creditors on the perspective of jurisprudence. For solve this problem, the author considers that the debt of private law institution for protecting the creditor’s rights can be imitate selectively. And the author analyzed and researched the foreign local government debt management and absorbed some useful institution. Finally, propose several suggestions to protect the rights ofcreditor under the background of China’s local government debt risk. It is looking forward to regulate the behavior of local government debt by law and expect to protect the rights of creditors maximize...