The Study Of The Public Debt Management Of Chinese Local Government

With the gradual advance the economic construction in our country, a great amount of money is in great need in the adjustment of economic structure, in the optimization and upgrading of industrial structure and in the economic infrastructure. Facing the pressure of the financed funds, local governments at all levels has taken various measures to expand the financing channels, thus the massive public debts accumulated in this way finally lead to the increase of the financial risk, which has caused wide concern of scholars from all walks of life. According to the present reality, numerous factors has caused the difficulty of the acquisition of the debt statistical data:such as the huge debt scale the local government at all levels, the complex debt channels, the vagueness of the debt purview division, the privacy of the debt information, the imperfection of the finance supervision platform and so on, which has all put the public debt management into a difficult situation to same degree.From the perspective of public management, combining with the spirit of the third plenary session of the eighteenth, the thesis has made a comprehensive analysis of the cause of forming of the public debt and has also put forward the corresponding solutions on how to fully clean up the local government debt, how to scientifically construct the finance of the local government, how to promote the level of economic management and public debt management, how to establish a standardized financing system to ease debt risk so as to sorting out the relationship between the local government and the market in politics, economy, culture, social and ecological construction. The local governments should also constantly transform their functions, improve their management ability on the public debt, play a positive role on their serve for the construction of local public management, and ensure the positive and healthy development of the economy.This thesis can be roughly divided into five parts. The first part is the introduction. Starting from the new situation of economic development at home and abroad, this part has proposed its study value on the financial crisis and risk of the local governments of all nations in the process of public debt management. The second part has given a general account of the public debt of local government management in our country, then it has defined and divided the public debt of local government, finally it has also analyzed the characteristics of the public debt management and the significance of strengthening the construction of the public debt management in our country. As for the third part, it has first described the status quo of the public debt of local government in China, and then has analyzed the reasons for the huge scale of debt borrowing and put forward the defects of the existing systems. After a comprehensive analysis of the public debt of local governments in China, it finally proposed such drawbacks as the governments’illegal borrowing, the imperfection of the system mechanism, the lack of risk consciousness and son on. Drawing lessons from the United States, Japan, Australia and other developed countries of their successful experience, the fourth part has summarized some enlightenment on public debt management of the local governments. In the face of the public debt crisis and the problems existing in the practical management of our local governments, the fifth part has put forward a series of measures to perfect the financial system, to strengthen the construction of local debt management system, to set up the mechanism of risk budgeting, to change the function of payment to make clear the relation between the market and the government and to perfect the supervision, examination and approval systems.