A Research On The Effectiveness Of The Regulation Of Local Government Debt In Shenzhen Under The New Budget Law

After the establishment of the tax system in 1994,the tax revenue power does not match the responsibility of fiscal expenditure in central and local government.For the pursuit of economic interests,local government supports the economic development in various forms of debts,which is lack of effective supervision.Local govenment debt problem,to a certain extent,becomes one of the important factors that constraint China's sustainable development.Since the 18th National Congress of the Communist Party of China(CPC),the issue of local government debt has been put on the important agenda,and scholars from each field have carried out a lot of research.In the field of economic law,the New Budget Law,which came into effect on January 1,2015,strengthens the regulation of local government debt.A large number of domestic economic law scholars have done a lot of researches that give suggestions mostly by analyzing the characteristics of the New Budget Law itself,or by analyzing the innovation of government bond issuance from the New Budget Law.There is little research on tracking the New Budget Law affecting the local government budget and the effectiveness of the regulation of local government debt from the implementation perspective of the legall operation.After the implementation of the New Budget Law,Shenzhen achieves a decline in government debt in recent three years.At the end of 2016,based on the data published by Beijing,Shanghai,Guangzhou,Shenzhen,four first-tier cities,Shenzhen's the ratio of local government debt to the general public budget income is the smallest,4.14%.This paper will take Shenzhen as an example to evaluate the effect of the implementation of the new system of the New Budget Law,and based on the local practical work experience,this paper offers suggestions on local government debt regulatory mechanisms under the constraints of the New Budget Law and the regulation of local government debt problems:The first is to achieve the local goverment budget open and transparent by starting to strengthen the supervision of people's congress;The second is to speed up the introduction of the implementation details,in order to strengthen the operability of the New Budget Law;The third is to enhance the quality of executive team of the New Budget Law,to meet the new requirements of the implementation;The fourth,to increase the comprehensive evaluation to the budgetary work in the New Budget Law,as to reduce the motivation of debts.