Study On The Protection Of Rights And Interests Of Local Government Debt Holders

In 2015,the “Budget Law of the People's Republic of China” was introduced,and as a result,local governments enjoyed a moderate degree of debt raising rights.Since then,in order to further regulate the behavior of local governments' borrowing,the State Council and relevant departments have issued regulations and normative documents successively,the local governments have also published relevant documents,then the local government debt has begun to enter the track of legalization.However,as of 2018,in China's relevant laws and regulations,there are still no specific provisions for protecting the rights and interests of local government debtors,which has caused issues such as creditor's non-secured rights and forced claims.To solve these problems,this paper uses the topic “Study on the Protection of Rights and Interests of Local Government Debt Holders” to analyze the general problems and practice of the protection of the creditor's rights and interests of the local government debt,and analyzes the institutional dilemmas of the protection of the creditor's rights and interests of the local government debt,puts forward the suggestions to improve the protection system of the creditor's rights and interests of the local government debt.In addition to the introduction,this article is divided into four parts:The first part analyzes the general problems of the protection of the creditor's rights and interests of the local government debt.This part clarifies the connotation and particularity of the creditor of the local government debt,analyzes the theoretical foundation of protecting the creditor's rights and interests of the local government debt,and discusses the path choice of the creditor's rights and interests protection mode of the local government debt.The second part analyzes the status of the protection of the creditor's rights and interests of the local government debt.This section analyzes relevant cases and data in China,and points out that the rights and interests of creditors of local government debt have suffered at least four aspects: First,the right to know has not been protected.Second,the creditors have no security right.Third,the creditor's rights are infringed.Forth,lack of compulsory claims.The third part analyzes the institutional predicament of the protection of the creditor's rights and interests of the local government debt.In this part,through the review of the relevant legal systems in China,it points out six problems in the protection systems of the creditor's rights and interests of the local government debt: First,there is no legal guaranteefor the rights and interests of local government creditors.Second,the disclosure system of local government debt is not perfect,so that the creditor's right to know can not be protected.The third is the lack of local government debt guarantee system,so that creditors without security rights.Fourth,not establishing a unified system of repayment of the debt reserve,so that the government's solvency and debt size does not match,can not ensure that creditors to achieve creditor's rights.Fifth,there is no special creditor compulsory claim procedure,resulting in the creditor's compulsory claim difficult.Sixth,the accountability system for the protection of creditor's rights and interests is not perfect,which is not conducive to the protection of creditors' rights and interests.The fourth part puts forward the suggestions to improve the protection system of the creditor's rights and interests of the local government debt.Based on the current difficulties in the protection of creditor's rights and interests in China,and borrowing the abroad experience,this part put forward six countermeasures to improve the protection system of creditor's rights and interests in China's local government debt:1.Speed up the protection of the creditors' rights and interests legislation,then the creditors' rights and interests have a legal basis.2.Clarify the scope and quality of the information awareness of the creditor,and further protect the creditor's right to know.3.Determine the subject and scope of the obligation of the creditor's security right,so as to make the guarantee play its due function and carry out the creditor's security right.4.Standardize the source and use of the debt repaying reserve,strengthen the local government's ability to pay the debt,and ensure the creditor's right to be realized.5.Improve the standard and procedural rules of the creditor's compulsory claims,to ensure that the relevant creditors can obtain compulsory claims,and to maximize the realization of the realization of their claims.6.Improve the accountability system for the protection of creditors' rights and interests so that the rights and interests of the creditors of local government debt can be truly protected.