Research On Chinese Government Investment Legislation

Government investment,most direct intervention in the economy posed by the government,is of great significance in promoting economic development.Investment,consumption,and net exports are seen as the 'troika'under modem economic growth.Government investment legislation,in fact,is the regulation to the government's investment behavior based on the law.Western developed countries have been managing government investment for more than two hundred years,while China,as the largest developing country in the world,the real sense of management started from reform and opening up.Since the reform and opening up,the scale of China's political capital has become larger and larger,which plays a very important role in promoting economic development,expanding domestic demand and guiding social capital investment.At the same time,however,there are also many problems in government investment,such as unclear government investment boundaries,undemocratic decision-making,low investment efficiency,and lax supervision.The reasons are related to lacking of effective regulations on government investment in China.Thus,it is particularly necessary to formulate laws and regulations on government investment.The year of 201 8 is worth mentioning,for the State Council's legislative work plan was announced,government investment regulations jumped into our eyes again.In May 2019,the State Council promulgated the"Government Investment Regulations"and determined that it will take effect on July 1.Therefore,how to formulate the government investment law has become an important topic.The basic theory of government investment legislation is the foundation and premise of legislation in this field.Therefore,the connotation,function and effect of government investment should be studied and discussed,and the form and ultimate purpose of government investment should be stated.Of course,legislation must have its theoretical basis,specifically in the field of government investment,including public choice theory,market failure theory and public product theory.In addition,the function of government investment also shows the necessity and feasibility of legislation.Legislation is one of the important means to regulate government investment behavior,to prefect the government investment legal system and the bright development of the socialist market economy,and it is the only way to restructure economy.At present,There is only one new administrative regulation on government investment that has not yet entered into force in China..There are nearly 100 relevant records on government investment in Chinese legal database,most of which are regulations or measures on government investment issued by local people's congresses or governments.In addition,there are many shortcomings in China's current government investment legislation,mainly reflected in the low level of legislation,the lack of operability of regulations,and the lack of effective connection with related legislation.Compared with developed countries,China's management of government investment is obviously inadequate,for lacking of effective legislation.Therefore,it is particularly necessary to clearly define the power and responsibility of the government investment field by using law,and provide clear guidance for government investment.Based on the specific situation of our country,it is the realistic demand to construct the legal system of government investment that conforms to our national conditions.Regarding the legislation of government investment,the author believes that it is necessary to establish a multi-level legislative system based on the perspective of fiscal law,and to strengthen the connection between laws,especially the connection with the budget law.The main content of government investment should also be clarified,including the purpose,principle,scope,decision-making,management and supervision of government investment.Bringing government investment into the scope of national law is the only way to realize the sustainable and bright development of government investment in China.