Research On The Legal Supervision Of Local Government Bonds In China

Local government bonds are publicly issued by the local government,and agreed to a financial instrument in a certain period of time servicing,in western countries,the local government raised a lot of money for the local construction.Because of China's"budget law" provisions unless otherwise provided by law and the State Council,the local government may not issue local the government bonds "prohibition,so China is not the true sense of the existence of local government bonds,but in fact all Chinese style local government bonds emerged.With local government debt borrowing,taking on too much debt,the potential credit risk and legal risk,financial risk,has Not only can solve the self adjustment,establishing laws.The rule of law can overcome the local government bonds in the market failure,to protect the interests of investors in the greatest degree,can effectively coordinate the conflict of interests between local government bonds of each subject.However,China's current legal supervision system of local government bonds there is a big problem for a long time,the local government bond legislation practice,formed a legal framework and miscellaneous,only by normative documents and policy directives based on the construction of legal system.The content of the system is too abstract and principled,the regulatory agencies lack reasonable information Disclosure system and creditor protection system,so that our current legal supervision system can not only solve the potential problems of local government bonds,but also can not reduce the negative impact of local government bonds may be possible.The first part of this paper on the concept of local government bonds,based on characteristics and theoretical basis on the analysis of existing local government bonds in China,emphasizing the importance of legal supervision for local government bonds;the second part introduces the status of China's local government bonds and the existing problems;the third part introduces the United States,Japan and France,the local government bond legal supervision system and Its Enlightenment to China;the fourth part of the existing local government bonds in China and foreign experience together,for our country's local government bonds to establish more perfect legal supervision and puts forward relevant suggestions.