Research On The Special Administrative City Bonds In The Period Of National Goverment(1927-1937)

During the Republic of China period,local governments issued public bonds many times to make up for the public finances,or to finance military expenditure,or to carry out municipal construction.As an administrative division directly under the central government,the special administrative city has also issued bonds.The issuance of special municipal bonds of the Republic of China began in the period of the Beiyang government and gradually became standardized in the period of the Nanjing nationalist government.During the ten years from 1927 to 1937,five special administrative city,namely Peiping,Tianjin,Shanghai,Nanjing and Qingdao,issued a total of 26.9 million yuan in nine bonds.During this period,the regulation of special administrative city municipal bonds gradually became mature,and its issuance also showed more diversified characteristics.In order to investigate the specific characteristics of special administrative city municipal bonds,this paper starts from four aspects: the origin of municipal construction and special administrative city municipal bonds,the issuance of special administrative city municipal bonds under the process of normalization,the sales of special administrative city municipal bonds and the evaluation of special administrative city municipal bonds.Through the study of the special administrative city municipal bonds,we can better grasp the evolution of the regularization of local government bonds in the Republic of China period,summarize the experience and lessons of bond issuance,and it can be used as a reference for the issuance of local government bonds.In addition,through the investigation of special administrative city municipal bonds,we can try to analyze the relationship between central and local governments in modern China from a new perspective.