Research On Legal System Of Local Government Financing Platform In China

The urbanization development makes the city infrastructure construction demand for capital increasing. And in the current tax system, the local government does not adapt the powers and responsibilities property, plus lateral transfer payment system is not perfect, the government at the financial resources is put in very big difference. Some local government financial ability can’t meet the needs of the consistency of the expenditure, and the local government funding gap of city construction obvious. And our country Budget Law required local governments to balance the budget, leaving no deficit and prohibited from the local government issued bonds. Local government is looking for government financing requirements and a balance between the existing legal restrictions, in the1990s, established China’s first local government financing platform company, the Shanghai urban infrastructure construction investment development corporation, by the Shanghai government through the land transfer and into the assets, investment to set up way. To cope with the consequences of financial crisis in2008, and in early2009, the central bank and banking regulatory commission jointly put forward "support conditional place to form a government financing platform", the policy issued after, local government financing platform tremendously emerging, the number of financing platform scale and fast development. According to the national audit office to disclose, by2011late September, China had local government financing platform more than10000home, platform loans outstanding9.1trillion yuan. According to the chairman of the banking regulatory commission (CBRC) said he, over the next three years there will be35%of the platform loans out,2012local platform will have a debt service peak.Since June2010, the state council issued a notice demanding "strengthening local government financing platform to the management of the company, promptly eliminate verify and properly handle the financing platform debt" later, the local governments at all levels have one policy and education for local government financing platform renovation work, control the scale of debt financing, solve the problems in its development. Supervision department, commercial Banks and many scholars are started actively attention local government financing platform development, from different angles, study the path solving the problems. By a few days ago, on local government financing platform of many works, on the journals, academic papers, interviews and press commentary, and form existence, mainly from economics and management Angle of reflection financing platform development, for example from finance point research local government financing platform to commercial Banks when lending loan risk analysis and prevention and control means, local government finance from the Angle of the huge amount of debt financing platform caused by the financial risk and put forward Suggestions to ensure, from engineering point for debt problems based on the city of local government financing platform of the financing operation mode. A few scholars also began to law in the perspective of local government financing platform development, put forward the legal risk regulation methods.Based on the previous research results, and on the basis of further research from the legal Angle local government financing platform scale development in case a series of legal issues derivatives, using legal means to local government financing platform in the regulation of the establishment and management of the existence of the various do not conform to the legal standard of the phenomenon, and urges the legal compliance in the operation and increase the financing ability, positive play its role in financing of urban function, so as to become in the current under the background of the local governments at various levels ease financial pressure, promote the construction of urban infrastructure important platform. This paper mainly divided into the following four parts:The first part of the local government financing platform for the paper connotation, from local government financing platform of several typical expression of definition, comprehensive comparison of common core of the definition of elements, to make the new concept definition, and from the local government and the view of the relation of financing platform, demonstrates the local government financing platform of the legal nature, and then further analysis impel the local government financing platform vigorous development of economic system, behind the administrative system and financial system reason.The second part of western countries is mainly from the United States, Britain and France three countries the local government in urban infrastructure construction of financing mode inspection, the comprehensive comparison countries financing after success experience, based on China’s national conditions, thus summed up foreign urban infrastructure construction of financing’s experience of local government financing platform development enlightenment.The third part mainly by the local government, financing platform and commercial Banks of the three parties in different roles as foothold, analyze the local government financing platform of existing laws, and reveal a our country the relevant local government financing platform of existing law regulate their own problems.The fourth part on the third part of this problem, respectively from the financing platform of the law system construction, financing platform the internal management of the perfect, and financing platform as the supervision of Angle, put forward a series of perfect our country’s local government financing platform legal system suggestion.