International Comparison And Reference Of Local Government Bond Issuance And Management

According to the requirements and regulations of?the State Council's Opinions on Strengthening the Management of Local Government Debts?,Guofa [2014] No.43,New Budget Law and other documents,the issuance of local government bonds has become the only channel for local government financing.On May 18,2015,the successful issuance of general bonds in Jiangsu Province opened the prelude to the independent issuing of bonds by local governments in China,which indicates that the financing methods of local governments in China have entered a new era.However,new things often have greater uncertainties.Part of the flow market of Liaoning debt also directly reflects the lack of confidence in the local government bonds of the market.It is even more thought-provoking that the interest rates for local government bonds issuance have been rising in the past two years.The prominence of the issuing risk and the rising of the issuing cost have become two major problems of the current local government bond issuance and management.In particular,in October 2017,the“continued issuance mechanism”,which is commonly used in the mature treasury bond market,was applied to the initial issuance process in Yunnan Province.Whether it is a bond issuance department that participates in the management or a financial institution that purchases bonds,lacks certain cognizing and understanding of the continuing issuance mechanism.This undoubtedly brings unpredictable challenges to local government bond issuance and management.Compared with treasury bonds,there are relatively few systematic studies on the issuance of local government bond issuance and management,more and more practice circles also refer to the management of the treasury bonds.In order to better enable the sustainable and healthy issuance of local government bonds in China,we need to introduce advanced practices and experiences in the issuance and administrationt of local government bonds in foreign developed market economy countries,and then to promote thecontinuous development of local government bonds in China,and effectively play the role of the local government in financing.The whole writing structure of this writing is as below:in the opening verse,mainly introducing the studying context and sense of the paper,and the research progress at home and abroad and research methods of local government bonds.The second chapter puts forward the theoretical foundation and related concepts of this study,including the concept,characteristics,classification,elements of issuance and influencing factors of issuing management,which lays a solid foundation for the analysis of this paper.From the third chapter to the fifth chapter,the practice of the management and the issuance of local government bonds in developed countries is systematically introduced.Namely,the practice of the issuance and management of local government bonds from the federal state,the single state and the new state,respectively,is explained in detail.Including the subject,type,scale,mode,supervision organization and risk prevention system of the issuance of local government bonds,it is also the core content of this paper.The sixth chapter analyzes the actual situation of the issuance and management of local government bonds in China,mainly introducing the course of the management and the issuance of local government bonds in China,and the practice and relevant policies of the issuance of local government bonds of typical provinces in our country,at the same time,summarizing the main problems of local government bonds issuance and management in China.Finally,on the basis of comparing experience of the issuance and the management of local government bonds in developed countries and summing up,and then combined with the actual situation of local government bonds issuance and management in our country,to put forward the realistic path selection of local government bond issuance management in China,and further promoting the standardization and effectiveness of local government bonds issuance and management in China.