A Comparative Study Of Local Government Debt Management In China And The United States

In the post-crisis period,China's debt scale was unprecedentedly large,especially the rapid growth of local government debt,which gradually highlighted some problems and risks and attracted the attention of the political circles.The US local government has a long history of issuing bonds and has rich management experience.In recent years,it has been able to maintain its credit stability and rapid economic growth while using high-intensity positive fiscal policies for economic regulation and control.It has the value of learning and reference for local government debt management in China.On the basis of summarizing the research results of government debt,China government debt and US government debt,this paper reviews the current situation of local government debt in China,the development process and management of government debt,and the situation of US government debt management.In order to solve the problems in China,including the large incremental scale of the local government debt,the unreasonable structure of the implicit debt ratio,and the mismatch between the debt maturity and the project investment return period,this article compares the situation of debt management in the local governments of China and the United States one by one.A detailed comparison is made to obtain the following specific solutions:The first is to strengthen the legislative management of local government debt;The second is to standardize the details of the local government budget system and strictly limit the destination of debt funds;The third is to establish and improve the debt disclosure system of local governments and improve the transparency of information.;The fourth is to strengthen the role of the market in local government debt management;The fifth is to establish a market-based debt processing procedure after reaching the debt ceiling indicator.