Research On The Legal System Of Local Government Bond Issuance In China

With the acceleration of economic development,local government bonds as an important financial products and local government financing vehicles in local government economic development,which use mature in many foreign countries.It has a relatively mature theory and system,which plays an important role in promoting economic development and social construction.With the revision of the "Budget Art",the transition from local governments may not issue local government bonds,local governments can issue bonds,which eased the tax reform due to the asymmetry of local government powers and financial authority to a certain extent,the local fiscal revenue and expenditure contradictions,but also makes the shortage of funds of local governments in the process of urbanization in the face.Therefore,given the appropriate local government debt issued from the legal system is not only to improve the financial management system of an important measure,but also by the local government bond issuance system to build,change "blocking" as "loose",the local government issued bonds into the legal track,so that is under effective supervision,so as to regulate the behavior of local government financing,and thus reduce the risk of local government finances an important measure.This paper on the status of Chinese current development of the local debt tease out the issues facing the development of local government bonds,as well as the legal level to improve local government debt issuance and regulation of the way.The first part of the concept explaining the local government bonds,and from the theory of public goods,the theory of division of government functions,fiscal decentralization theory of the three aspects of local government bond issues are described,but demonstrates our local debt issuance in practice the reality,from theory to practice,designed to provide a solid theoretical support for the entire article.The second part of this paper,explaining the changing of development of the local debt,and continuous improvement in terms of local government debt in change.Next,the third portion on the basis of the second part of the proposed reasons for local debt issuance of the existence of institutional difficulties to find our local debt issuance is not an ideal state of the problem.Then in the fourth part,I made specific suggestions and methods of the legal system to improve the local debt issuance.