Research On The Legal Issues Of Issuing Bonds By Local Governments In China

With the rapid development of China's urbanization,China's local government has accumulated a huge scale of debt.At the same time,with the local public infrastructure construction,economic and cultural undertakings of sustainable development,the local government has a huge financial pressure.Local government issuance of bonds is an important part of the reform of local government financing mechanism,but also an effective way to solve the problem of local government debt.Local government bonds has experienced a long process of development in Western developed countries and have become a very mature local government financing tool.Since 2009,China has repeatedly tried to issue local government bonds to the "Budget Law"(revised in 2014)to allow local governments to issue bonds independently.The local government bond market has developed rapidly and has made positive contributions to the development of local economy.It can be said that now the local government bonds in the local government financing occupy a pivotal position,the local government bonds have entered the norm.After all,China's local government bonds began to issue a shorter time,the legal system is not mature,there are also regulatory deficiencies.Therefore,we must perfect the local government bond legal system to reform the local government financing mechanism and promote the local economic development in view of the problems of the local government bonds.In addition to the introduction,the second chapter of this paper introduces the basic theory of local government bonds.The third chapter analyzes the current situation of legislation of local government debt financing,the issue of local government bond issuance and the development of local government bond market after the implementation of budget law(2014).The fourth chapter mainly introduces the legal situation of the local government bonds in the United States,Japan and Brazil,and analyzes the possible reference and enlightenment of our country in perfecting the legal system of local government bonds.Chapter 5 puts forward some specific or directional suggestions on the problems existing in the local government bond legal system,the credit rating and information disclosure in the supervision system,and the supervision and solvency system.