Research On The Reform Of China's Local Government Debt Statistics System

The occurrence of the global debt crisis has provoked people's thinking.The final consensus is that macroeconomic statistics are unscientific,non-standard,and nonuniform,failing to reflect the hidden risks of debt in a timely manner.At present,China's economy is in the context of macro-leveraging,and local government debt has become a hot topic of research.At present,experts and scholars in various fields at home and abroad have made fruitful achievements in the study of local government debt,but there are relatively few studies on local government debt accounting.There is no scientifically perfect local government debt statistics system for local governments in China.The debt situation is fully monitored.However,local government debt accounting is the basis and premise for strengthening debt fund management,raising the level of debt funds,and preventing debt risks.The research results will become the scientific basis for the government to formulate relevant policies,so it is urgent to improve the local government debt statistics system.Based on the actual situation of government financial statistics international standard GFSM2014 and local government debt,this paper studies the reform of China's local government debt statistics system.Through the analysis of the current local government debt statistics system,this paper finds three major problems in the local government debt statistics system: the definition of the subject and object of statistics is not clear,the choice of accounting basis,the local government debt risk is not fully reflected,and then According to its existing problems,it has made targeted adjustments and improvements,namely,the establishment of a sound local government debt accounting framework,analysis framework and risk indicator early warning system.In the specific research process,this paper firstly sorts out the literature of local government debt from four aspects: local government debt connotation and formation reasons,scale measurement,accounting,risk early warning system and debt investment efficiency;secondly,the audit department The published local government debt statistics standards and the problems of the local government debt risk matrix constructed by Liu Shangxi;once again,the existing problems are solved,and the accounting framework and analysis framework of local government debts are improved from the perspective of broad local governments.Based on the framework and analysis framework,the local government debt risk indicator early warning system was constructed,and finally the summary and thinking about local government debt statistics were made.According to the research,the following basic conclusions are drawn: First,local government debt accounting is an integral part of government fiscal statistics accounting,and it is a perfection of government fiscal statistics;at the same time,establishing a government debt accounting framework has its own unique significance.The accounting can fully grasp the debt situation,including local government debt size,investment direction,use efficiency,sustainability,and risk warning;that is,local government debt accounting has dual attributes.Second,it defines the main body of local government debt and adjusts and perfects the local government debt risk matrix,and chooses the production of powers and liabilities as the basis for accounting.Local government debt entities include local government departments and agencies,local government financing platforms,public institutions that undertake public functions,and other groups controlled by the government and their federations.For the content of local government debt,local governments have the dual attributes of economic functions and public functions.Therefore,in the debt accounting,not only the accounting of direct explicit debt but also the accounting of generalized debts should be considered.For the constructed local government debt risk matrix,the local government financing platform and the debts generated by the institutions undertaking public functions are all included in the direct explicit debt accounting,and the local government debt accounting standards announced by the National Audit Office and the local government constructed by Liu Shangxi.Compared with the sex debt risk matrix,direct explicit debt has increased,or explicit debt has decreased.Thirdly,based on the local government accounting framework and analytical framework,the risk connotation and possible transmission mechanism of local government debt are analyzed,and a risk early warning indicator system is constructed.The possible innovations in this paper are mainly reflected in the following aspects:First,it defines the main body of local government debt and builds a local government debt risk matrix.In defining the main body of local government debt,according to the international financial statistics standard GFS2014,the local government financing platform and the public institutions that undertake public functions are included in the accounting entity.When constructing the local government debt risk matrix,the debts generated by the local government financing platform and the institutions undertaking public functions are all included in the accounting of direct explicit debt.Second,based on the economic functions and public functions of local governments,the choice of accrual is based on accounting,accounting for direct explicit debt while considering direct implicit debt,or explicit debt,or accounting for implicit debt.This is of great significance in preventing the occurrence of debt risks.Third,local government debt accounting has a dual attribute compared to government fiscal statistics.This paper mainly discusses the separate accounting of local government debt and compiles the local government debt statement,which helps to analyze the efficiency of local government debt funds,prevent debt risks,and rationally divide the central government and local government financial power.Due to the limited research level and research time,there are still some shortcomings to be improved in this paper:First,local government debt accounting is challenging.Due to the uncertainty of the time and amount of generalized contingent liabilities(direct implicit debt,or explicit debt,or implicit debt),it is often difficult to accurately measure the potential expenditures that local governments have to bear.Therefore,in the accounting process,more inferred statistics are needed for estimation.Due to the study time,no discussion has been made.Second,limited to the individual's research ability and level,combined with the complexity and diversity of local government implicit debt,it is inevitable that there are incomplete considerations.For the local government's debt situation,we can only understand the existence of implicit debt by reading and combing the relevant literature,and do not know the hidden debt situation in the real situation,and thus may miss the implicit debt existing in reality.