Research About The Law Regulation Of Chinese Local Government Debt

In recent years,debt financing has become a widely used government economic behavior in most countries.With the promulgation of "The budget law of the People's Republic of China",the scale of local government debt financing continues to expand,triggering a heated debate on legal supervision.On the one hand,in order to deepen the economic demand of reform,China encourages local governments to use the debt financing to stimulate economic vitality.On the other hand,it worries about the chaos of economic order caused by excessive decentralization.Therefore,it is very important to balance the contradiction between efficiency and security of economic development through proper legal supervision design.The first part is the basic theory of the supervision of local government debt.Mainly based on the necessity of local government debt supervision and its legal and social functions as the starting point,it introduces the economic basis and function of the legal supervision of local government debt,elaborates its necessity and local government debt through the perspective of legal economics.Legal supervision function.The market is not a panacea.Due to the public goods,externality,information asymmetry,and monopoly of local government debt,it will lead to market failure,resulting in mismatch of resources and making the funds unable to exert real value.Therefore,legal measures are adopted.Intervention and adjustment can effectively strengthen the prevention of risk awareness of local government debt,but also help clear the direction of risk prevention,so as to better protect social interests and investor interests,so as to promote the sustained and healthy development of the national economy.The second part analyzes the basic principles of legal supervision.The principle of law is the basic idea that should be followed throughout the legal action,which has a fundamental guiding significance,and is the value orientation of the entire regulatory rule.At present,China's relevant legal system is still not perfect,and the top-level design of local government debt supervision is difficult to fully guide the practice,clear the basic principles of legal supervision,help to further improve the legal supervision system of local government debt,strengthen the legal supervision system in The role of guiding government practice can also better guide the development of supervision work in all departments.The principle of supervision according to law can effectively limit the supervisor's discretionary power,and can protect the legitimate rights and interests of the supervised person from being infringed upon.Both the supervisor and the supervised person and who violate the provisions of the law should bear the corresponding legal responsibility.To realize the necessary requirements of the rule of law society;openness and fairness principles can ensure the effectiveness of supervision to the greatest extent;a good open environment can also prevent the occurrence of debt crisis and avoid irrational borrowing by local governments;the principle of efficiency can ensure that funds can be rationalized.Utilizing,the government spends the least manpower and material resources,rationally allocates limited administrative resources,reduces unnecessary expenditures,and exerts the maximum economic benefits of the funds,and balances economic efficiency with economic security;coordination principles help the regulatory agencies Inter-agency coordination and cooperation will further improve the efficiency of supervision.The third part is to discuss the regulation model suitable for our country.After establishing the basic principles of China's local government debt supervision,it analyzes the current regulatory system in China and introduces the entire debt supervision system and its characteristics.Due to the different levels of economic development in various countries,political systems also exist.Differences,so the mode of supervision adopted by various countries is not the same.There has never been a fixed standard for the type of supervision model adopted,and each country is also adjusting according to specific conditions.Therefore,the selection of China's supervision model does not need to be copied from another country,and should be combined with its own development status,drawing on the regulatory model of foreign countries.Based on the actual situation,we will analyze and study what kind of supervision model we should adopt.The fourth part,the concept of local government debt supervision mechanism.This part is also the focus of the study.In the pre-,intra-and post-event perspectives,suggestions are made for the improvement of the regulatory mechanism.From the perspective of pre-regulation,we should establish a debt review mechanism and a credit rating mechanism suitable for China,and impose certain constraints on the local government's debt-claiming rights;from the perspective of medium-term supervision,we should improve the information disclosure mechanism and risk early-warning mechanism to further prevent The occurrence of risk;Even if the local government debt crisis is prevented to a great extent in advance and in the event,but some unexpected events are inevitable,resulting in the inability of local governments to repay due debts,so it is also necessary to establish an after-sale accountability mechanism..From the perspective of post-regulation,a performance evaluation mechanism should be established to evaluate the use of debt funds,and the results of evaluations should be matched with those of officials in order to increase the efficiency of the use of funds;in addition to the occurrence of debt default behavior,relevant Responsible for the accountability,the responsibility to implement the specific responsible person,clarify the responsibilities that they should bear,establish a punishment mechanism to avoid the abuse of local officials.