A Study On The Reform Of Fiscal Investment And Loan System In Japan

Fiscal investment and loan is an important measure of government collocating resource and play an important role on promoting economic increase,adjusting economic structure,strengthening government macro-control function etc,. It is an investment and loan activity which also reflect government policy intent and have the characteristic of policy,repay,agility,specialty. Japan's Fiscal investment and loan program came of Meiji reform era and grew after the Second World War speedily. FILP played an important role in Japan's economic increase after war and economic system shunt. But along with the change of economic seedtime and rigidity of FILP system, Japan's FILP no longer fitted with the economic situation and needed to reform. The December 1999, Japan's government enacted Fundamentality Reform of the Fiscal Investment and Loan Program, and the Diet passed it in the May 2000.In the fiscal year of 2001,the reform began to implement.The core of Japan's FILP reform is inducting the mode of market financing and not only financing from the Trust Fund Bureau; maturing and opening the operation and finance status of FILP agency, and enhancing information disclosure. Concretely, there are some aspects of the reform: first, to change the former capital source and the main way of the change is the abolition of the compulsory deposit of postal savings and pension reserves in the Trust Fund Bureau; Then, in order to guarantee that the system of FILP can be carried on normally, FILP Agency Bonds,Government-Guaranteed Bonds and FILP Bonds are issued to rebuild the source of capital; Moreover, the introduction of Policy Cost Analysis is the viewpoint to developing disclosure of information concerning taxpayer burden, improving the transparency of FILP capital; therefore, social and economic benefit which is resulted from the operation of project has been quantified, and some kinds of risks can be easily controlled as well to advance FILP system information disclosure as a whole; Finally, transitional measures are required to prevent detrimental effects to the capital market.The main direction of FILP reform is that the quantity of FILP has been shrunk,capital priority has been emphasize,FILP Agency financing and management mechanism enhanced and information disclosure strengthened. The trend of the reform is market-forward, standardization and vitrification. There are some difficulties in the reform, for example the Japan's government debt will increase because the government will issue Government-Guaranteed Bonds and FILP Bonds widely in order to fetch up the lake of the capital because of the change of the former capital source; How many FILP Agency Bonds and FILP Bonds can been bought is not know at the present; The bad creditor's rights of FILP system can not been settled rapidly.Considering realities of China, there are many problems, for example the management organization of our FILP system is confusion; the financing channel is singleness; the capital investment is dispersive; the capital repay is difficult and so on. Thereby, under this situation, concerning about the status of FILP reform of Japan, seizing the right direction and experience has the theory and practical significance for China.The article is divided into four parts. The first part is to analyze the background of FILP reform. First, introducing the former system of FILP in two sides -capital raising and capital exerting; Then analyzing the function on realizing of the aim of industry,anti-cyclical and leading individual capital; Finally, analyzing the problem of Japan's FILP system at the present, including large scale of FILP system,large bad creditor's rights and information opacity etc,. In the second part, we study the main content of Japan's FILP reform which core is market financing. The compulsory deposit of postal savings and pension reserves in the Trust Fund Bureau has been abolished and postal savings and pension reserves can been invested in the market freely; FILP Agency Bonds,Government-Guaranteed Bonds and FILP Bonds are issued to rebuilt the channel of capital; Policy Cost Analysis has been introduced to promote the information disclosure of FILP; Some transitional measures have been required to smooth enforcement of FILP reform. The third part is to introduce the development and the difficulties of the reform. The development including shrinking scale;,replacing postal savings and pension reserves into FILP Bonds,launching FILP Agency Bonds,analyzing policy cost and the reform of finance institutions. The difficulties of the reform including the increasing of Japan's debt,the problem of bonds, issue and bad debts. The forth part is to bring forward the advice on FILP system of China. From reviewing the status in quo and the matter of FILP system of China, we point out that under the uniform leader, using multi-means of financing conjoined with government direct investment and market financing, ruling orientation and stress of the FILP investment at the same time, reinforcing information disclosure to form the FILP system which has the characteristic of having the uniform management,calculated,embodying policy,more capital channels and transparent information.