Research In The Legal Control Of The Risk Of Local Government Debt

The audit office announced the audit results of local government debt in the year of 2013, from which we know that the local government debt in our country is very huge, although the risk is controllable overall, but in some parts the debt can not make ends meet. Appearing this kind of situation, the reasons are as follows: firstly, the tax reform is not thorough in our country; secondly the government financing channel is not standard, management system is slow, and legal regulation is not comprehensive enough. After the outbreak of the financial crisis two times, the local government float massive debt to stimulate the economy and domestic demand, some of which violated the existing legal provisions, at the same time, the risk of local government debt increases gradually along with the accumulation of debt balance.At present, the theoretical study of local government debt is concentrated in the finance, politics, economics, and researches in the field of law is a very few. New "budget law" enacted in 2014, which means the legal regulation of local government debt in China entered a new stage, the implementation of the corresponding policy will also be on stage in succession, which suggests that our country is paying more attention to the local government debt risks. Respect on the basis of predecessors’ research, this paper analyzed the existing legal norms and drew lessons from the successful experiences of the outside countries, and mainly concentrate on the local government debt guarantees, pay, supervision, risk warning, information disclosure, and believe that as long as these aspects of the legal regulation have been perfect, the risk of local government debt could be effectively prevented.