Research On The Legal Supervision Of The Local Government Financing Platform Under The New Normal

As a breakthrough beyond the Budget Law and as an innovation to lift the local governments' financial pressure under the "system of tax distribution",the local government financing platforms have,to a large extent,eased the financial expenditure pressure of local governments in terms of economic construction,making an important contribution to China's rapid economic growth.However,in recent years,the country's economic development has entered a "new normal",changing from high-speed growth to medium-to-high growth,from input-driven to innovation-driven,and putting more emphasis on the quality and benefits of development.That is,new features emerge in terms of speed,power and structure of development.Moreover,in order to prevent major risks,the central government has carried out strong supervision over fiscal and financial fields since 2016,which has gradually become a "new normal" in the regulatory field.Under this background,the problems existing in the local government financing platforms and the financial risks that may arise are further highlighted,which need to be solved and improved urgently.Therefore,it is of great theoretical and practical significance to study the relevant legal issues of the local government financing platforms.From the perspective of legal supervision,this paper first analyzes the causes and major development process of the local government financing platforms,then introduces the characteristics of the new normal and its possible impact on financing platforms and supervision,and then analyzes the current regulatory status and existing problems of the local government financing platforms.On the basis of that,this paper puts forward the countermeasures and suggestions for improving the supervision of local government financing platforms.