Inner Mongolia Special Debt And Its Risk Prevention Research

The promulgation of the new Budget Law clarifies that local governments can raise debt financing through the issuance of local government bonds.The issuance of local government special bonds is a key measure for China's economic new normal,adhering to the direction of market-oriented reform and improving the local government bond market.The issuance and use of local government special bonds plays an important role in regulating China's local debt management,expanding investment,and promoting regional economic stability.It reflects China's macroeconomic regulation and control of "stable investment,expanding domestic demand,and complementing short-board".As the scale of local government special debts continues to expand,local government market awareness and debt-servicing awareness need to be strengthened,and the interests of issuers and investors need to be further balanced.The risks faced in the issuance,use and repayment of special debts also need to be guarded.This paper takes the special debts in the form of special bonds as the research object.Under the background of preventing and defusing local debt risks and promoting local economic development,this paper studies the local government special debts and their risk prevention.Firstly,based on the definition of local government special bonds,local government special debts and their risks,this paper uses fiscal decentralization theory,public debt theory,budget constraint theory and risk management theory as the theoretical basis to analyze and issue local government special bonds.The necessity of embodying the market-oriented mechanism and reflecting the effects of active fiscal policies.Secondly,it analyzes the current situation of Inner Mongolia special debt from three aspects of scale,structure and management,and analyzes the risk factors of Inner Mongolia special debt in combination with the three stages of“borrowing,using and returning” of special debt.Thirdly,we focus on the main source of debt repayment of Inner Mongolia special bonds,namely,the income from the transfer of state-owned land use rights,and predict the risk of the special debt of the Inner Mongolia government from the aspects of income forecast and influencing factors.Finally,this paper draws on the experience of US municipal bond risk prevention from the aspects of information disclosure,credit rating and marketization constraint mechanism.At the same time,under the development trend of local government special bonds mainly based on project income special bonds,the paperputs forward a management mechanism to improve the issuance,use and repayment of special debts in Inner Mongolia,and strengthen specific countermeasures such as special debt income management and risk prevention.The innovation of this paper is that this paper analyzes the special debt risk of Inner Mongolia based on the development vision and forward-looking perspective,and studies and analyzes the special debt of local government in Inner Mongolia based on the special debt management of the three aspects of the issuance,use and repayment of special debts.Risk factors.On this basis,the income from the transfer of state-owned land use rights in the next five years is taken as the analysis object,and the stability and debt risk of Inner Mongolia special debt service fund are predicted.