On Legal Regulation Of Local Governmental Debt Financing Actions

Local government debt financing action is a kind of government financing actions of the local government,as the debtor,takes the future tax or other financial revenue as the commitment,takes the government credit as the guarantee,and raises public financial funds from creditors by issuing government bonds or direct borrowing.Under the influence of the economic downturn,tax relief and the increase of fiscal expenditure,we must pay enough attention to the debt accumulation and risk accumulation caused by the debt financing actions of local governments.Local government borrowing can not only realize and meet the needs of local public goods and services,but also stimulate economic development and reduce the short-term tax burden.However,at the same time,excessive borrowing by local governments may also have a crowding out effect,crowding out private capital from the economic circulation system.In addition,in recent years,the economic development has declined,and the public expenditure on epidemic prevention and control and disposal of natural disasters has surged,resulting in the further expansion of the income and expenditure gap of local governments.These comprehensive factors lead to local governments having to borrow debts for financial expenditure through various hidden and disguised illegal ways,which leads to the accumulation of a large number of explicit and implicit debts by local governments in China,which seriously affects the financial security of local governments and the safe development of the national economic system.Local government borrowing is related to the public interests of citizens,as well as the interests of government creditors,taxpayers’ property rights,future generations’ tax burden and economic security.Standardizing the debt financing actions of local governments and preventing local debt risks has become an important task of our times.The research value and main purpose of this paper is how to regulate the debt raising actions of local governments,prevent local government risks,protect the safety of citizens’ property and protect the rights of government creditors through legal regulation.In view of the importance of local government debt financing actions and results to government debt security,national financial security,national economic security and citizen property security,there are relevant studies on local government borrowing at home and abroad.Specifically,China mainly focuses on the prevention and control of local government debt risk and the regulation of government debt through budget.Foreign countries have a long history of government borrowing and have the tradition of financial legislation and public debt legislation.Therefore,they have a more comprehensive study on the distribution of local government borrowing power,legislative regulation and budget regulation with parliamentary centralism as the core,and the supervision of citizens and social organizations on government debt financing actions.However,there is a lack of research on the nature,actions system,legal relationship,actionability and litigation mode construction of local government debt financing actions at home and abroad,which is the basic research on the legal regulation of local government debt financing actions.Therefore,through the methods of typed analysis and comparative research,this paper constructs the local government debt actions system,studies the nature of local government debt actions,analyzes the legal relationship of local government debt actions,and demonstrates the legislative perfection and judicial regulation of the legal regulation of local government debt actions.The theoretical basis of the legal regulation of local government debt financing actions.It aims to solve the theoretical basis of the legal regulation of local government debt financing actions.Local government debt financing actions is a kind of government financing actions that the local government,as the debtor,takes the future tax as the commitment,takes the government credit as the guarantee,and raises public financial funds from the creditors by issuing government bonds or direct borrowing.As a kind of government financial actions,local government debt financing actions has the nature of both administrative financial actions and financial administrative actions.The local government debt financing actions system is composed of legal debt raising actions,prescribed lending actions,emergency debt raising actions and new debt raising actions.And these debt financing actions have derived the legal relationship of government creditor’s rights and debts and the legal relationship of government lending.Specifically,there are the legal relationship of government creditor’s rights and debts and the legal relationship of government lending,which includes the legal relationship of central lending and local lending,the legal relationship of lending between local governments and the legal relationship of foreign debt lending to local governments.The contents of these parts are not only the theoretical basis and theoretical innovation of this paper,but also the theoretical basis for studying the improvement of local government debt legislation,legal supervision and judicial regulation.This paper aims to analyze and study the violations of laws and regulations in the process of local government borrowing.Generally speaking,these illegal and illegal problems are mainly the illegal and illegal borrowing of local governments composed of three main forms: illegal borrowing of local government departments,illegal guaranteed borrowing of local governments and illegal borrowing of local financing platforms.In the government’s lending actions,the higher-level government breaks the ring borrowing rules through the "loan transfer" power,the differences of lending actions and the unrestricted power of lending banks lead to the anomie of local government’s lending actions.In the local government emergency debt financing actions,the local government emergency debt financing actions is anomie,which is caused by the inability of local government emergency borrowing,the mismatch between emergency authority and expenditure responsibility,and the one-sided emphasis on one-way obedience.There are some anomie problems in the new debt raising actions,such as the absence of the approval of the National People’s Congress,the unfair rules of new debt raising,the fact that the budget adjustment is new debt raising and the lack of strict burden of proof.It aims to analyze the legal reasons for the anomie of local government actions.At present,only Article 35 of the Budget Law of the People’s Republic of China(hereinafter referred to as the Budget Law)simply stipulates the debt financing actions of provincial governments.Provincial governments must borrow debts within the limit determined by the State Council,and the national government borrowing limit determined by the State Council must be reported to the National People’s Congress or the Standing Committee of the National People’s Congress for approval.Article 45 of the regulations for the Implementation of the Budget Law of the People’s Republic of China(hereinafter referred to as the Regulations for the Implementation of the Budget Law)simply stipulates the lending system from provincial governments to governments at lower levels.However,there are no provisions on the borrowing right and debt financing actions of the municipal and county-level governments,and there are no provisions on new debt financing actions and emergency debt financing actions.In addition,China has not yet formulated a special financial law to stipulate the financial power,borrowing power,intergovernmental financial legal relations of governments at all levels,and the relevant provisions matching the administrative power and borrowing power.However,only one article in the budget law clearly stipulates the debt financing actions of provincial governments,and only one article in the regulations on the implementation of the budget law stipulates that provincial governments lend to municipal and county-level governments.There is no special public debt law to regulate the government’s debt financing actions.Therefore,in order to regulate local government debt financing actions,the State Council,the Ministry of Finance and local governments at all levels have successively issued numerous and complex normative documents to regulate local government debt financing actions,but did not regulate local government debt financing actions from the root.In addition to the reasons for the lack of legislative regulation mentioned above,the supervision and regulation of local people’s congresses at all levels on local government debt raising can only be formal supervision and regulation.In the accountability cases published by the Ministry of finance,there are many acts of local people’s congresses at all levels endorsing illegal debt raising for local governments.In addition,the reasons why the local government’s debt raising actions is divorced from the judicial regulation,from the lack of legislation,to the lack of legal supervision,and then to the failure of judicial regulation,lead to the overall anomie of the legal regulation of local government’s debt raising actions.Due to the lack of legislation,weak legal supervision and the failure of judicial regulation,the local government debt raising actions is anomied.Therefore,it is necessary to improve the legal regulation system of local government debt raising actions from three aspects: improving legislation,strengthening legal supervision and judicial regulation.To improve the legislative regulation,we should first confirm the borrowing authority of local governments through financial legislation and establish a borrowing system matching the borrowing authority with the administrative authority under the guidance of the values of justice value,fair value and security value.Secondly,it is necessary to add the regulation content of re lending actions,emergency debt financing actions and new debt financing actions in the budget law.Thirdly,on the basis of the three basic principles of legal debt raising,equity debt raising and democracy debt raising,formulate a special public debt law to clearly stipulate the content of debt raising power and code of conduct of municipal and county-level governments,so as to realize the unity of debt raising power and debt raising actions,debt raising power and debt raising responsibility of local governments.At the same time,we should improve the legal supervision of the legislature from two aspects: improving the professionalism of local people’s congresses regulating government borrowing and optimizing the timeliness of local people’s congresses regulating government borrowing.Finally,it constructs the litigation mode of local government debt raising actions,reviews the legitimacy and harmfulness of local government debt raising actions,and selects the way of administrative litigation or administrative public interest litigation to regulate local government debt raising actions according to different situations.Thus,a complete system of legislation,legal supervision and judicial regulation of local government debt financing actions is established.As General Secretary Xi Jinping poined out,we must aim at building a government under the rule of law,and push forward the legalization of institutions,functions,powers,procedures and responsibilities,so as to promote the standardization and legalization of government affairs at all levels.The main task of modern legal civilization and political civilization is to standardize government actions and protect people’s legitimate rights and interests from government infringement.As a model of compliance with national laws,modern government is an important part of establishing a government under the rule of law and a country under the rule of law.Government borrowing and local government borrowing are complex power actions related to the interests of government creditors,people’s property rights,future generations’ property rights and people’s public interests.Local government debt financing actions also involves the important contents of national governance,such as the distribution of national borrowing power the distribution of inter-governmental lending power,and the matching of government power and borrowing power.In addition,local government debt financing actions is also a complex financial actions related to government debt risk,financial risk and financial risk.Therefore,we must regulate and standardize local government debt financing actions through strict,scientific and sustainable legal system,so as to prevent the anomie of local government debt financing actions from causing a series of major livelihood problems,financial problems and economic problems.