The Research Of Legal Regulation Of Chinese Local Government Bonds

Under the general background of constructing socialist legal state,the legal regulation of municipal bonds in our country is developing and strengthening,and legislation is increasing and amending along with the deep-going practice.The first part of the thesis makes legal analysis on the risk origin of municipal bonds from the perspective of municipal bonds crisis and risks in China.It is concluded that the municipal bonds risk origin are mainly the power division imbalance between central and local governments,the lack of legal norms for municipal bonds and the "GDP doctrine"appraisal system of local government in our country,etc.Concerning the decentralization problem between central and local governments,the second and the third parts of the thesis comb and clarify the current legislative constraints and analyze a number of important systems of the beforehand and afterwards legal control of municipal bonds in our country,including the beforehand legal control system such as double examination and approval system of budget bill of municipal bonds,systematic management system of municipal bonds,budget quota management system of municipal bonds,credit rating system of local government,and debt risk pre-warning mechanism of municipal bonds and so on;and also including afterwards legal control system such as debt report and information disclosure system of local government,risk solving and emergency disposal mechanism,assessment and accountability mechanism and punishment mechanism of lawbreaking behaviors.The fourth part points out that the bugs and disadvantages of many legal systems are exposed gradually while controlling them.The defects of legal control mechanism of municipal bonds in our country mainly lies in the weakness of approval and supervision to the municipal bonds by local people's congress,power imbalance between central and local governments,lack of regulation and restraint in credit rating system of municipal bonds,etc.The fifth part in the article has obtained indications to the legal control of municipal bonds in our country,with regards to the government bonds of Britain,France and Japanese,and those successful experience in issuing municipal bonds by developed countries.As to the existing deficiency of municipal bonds in our country,combining with the issuance of legal control experience of municipal bonds in developed countries,the sixth part puts forward the idea that our country should strengthen the supervision and control of people's congress,and implement strict examination and approval system for budget bill of municipal bonds;and should rationally allocate the powers and responsibilities of central and local governments,and endow local governments with matching financial and administrative rights;and should give the large cities a proper issuing rights of municipal bonds so as to gradually solve the problem of city and county debt;and should perfect the legal restraint to credit rating agencies and build a unified platform so as to got a unified and standardized result.