Research On The Legal Regulation Of Sub-national Government Debt Financing In China

Since the reform of the tax system in 1994,the fiscal rights of the sub-national government are extremely mismatched with its responsibilities,and the sub-national government has a great demand for financing.Taking the 2014 "Budget Act" that endows sub-national government borrowing right as the dividing point,before the situation,sub-national government finance by local government financing platform because of Legal prohibition.During this period there have been many problems.Some have been properly solved,some wait for being perfected yet.After the situation,the financing platform will not play the role of carrier any more.Besides,the sub-national government can only raise funds by issuing bonds.At this stage,there are also some new problems that need to be solved.This thesis,based on the historical background and the basic theory of sub-national government debt financing,analyses the problems of legal regulation of the sub-national government debt financing from three aspects,including the subjects,the objects and the patterns.Then,the author tries to put forward some solutions correspondingly,which may make a contribution to theoretical research for the legal regulation of sub-national government debt financing.