Legal Research Of Special Municipal Bond In The View Of Operation System And Accountability Model

The special municipals bond,is a new type of local debt which implemented after 2014 in reform of municipal issuance system by the Ministry of finance.In the background of the imbalace in finance power between center and local government since the tax division in 1994,the reform of local debt system in China meets twists and tums.It's up to the actualization of new budgetary law that the shape of reform could be certained in local debt.As a result,the special municipal bonds get a huge development in recent years.In 2017,the issuing budget of local government special municipal has exceeded to 800 billion RMB,which is 7 times more than the quantity in 2015.Therefore,the special municipals has changed to a more important role which it should deserve in local finance system and social economic development.However,limited by the fact that our local debt system is developing,there are also many legal problems that have not been clarified in the definition of special municipals,such as legal subject,budget system,circulation and reimbursement system.In details,the separation between issuing and incoming subject,the legal conflict made by setting special municipals into the budget of the government fund,the lack of regulation for the adjustment between different bonds,and so on.Such problems actually disturb the definition of special municipal in local debt market.In consequence,it might also do harm to the circulation in the investment and financing of special municipals bonds.Therefore,this thesis will start from the principles of local financial and financial law,and analyzes the four major issues including"core positioning,budget mode,debt regulation and debt guarantee" using the latest finance statistics and regulation made by the government,in order to construct a more suitable system in sepcial municipal bonds,which could make a balance between the issuing and incoming subject.