The International Comparison And Reference Of The Local Government Debt Management

The local government debt management is the important content of the countries’ financialclassification management in the world. Strengthening the local government debt managementsystem is an important method to guard against and defuse debt crisis effectively, and the necessarymeans of the local government to promote the deepening financial and investment and financingsystem reform, implementing the scientific concept of development, perfecting the governmentmacroeconomic regulation and control system. The local government debt management is theimportant factor of rapid development of promoting economic. At present, with the effect ofpolitical system, economic system and financial system, capital market and financial institutions,the development degree of social and historical changes, and many other factors of their owncountry, the debt management mode of the local government debt management can be described asvastly different all over the world. In recent years, because of the impact of political, economic andsocial system and many other factors, the local government debt scale in our country present arapidly expansive trend, and the debt risk also appears increasingly. From the public material of thenational related government departments, we can figure out that the local government’s dominantdebt is quite common; and the debt scale has reached a very spectacular extent. Meanwhile, theincreasing of recessive debt scale has become a hidden danger of economic development of China.The operating of financial system at all levels has been effected by the increasing recessive debtscale in our countries. It has become the major fact of being impact on economic development andsocial harmony and stability and causing the great public attention.This article mainly studies the similarities and differences of local government debtmanagement, debt financing, operation management, debt risk control, debt crisis management, anddebt management organization setup system of four kinds of countries which are unitary system,federalism, developing and transitional countries. This paper sums up the effective experience ofthe local government debt management all over the world; and moves forward a single step toprovide the beneficial reference for Chinese local government debt management.