To Improve The Operating Mechanism Of Local Government Bonds Countermeasure Research

In 2009, in response to the international financial crisis, the national implementation of "expanding domestic demand," the positive fiscal policy, to implement the "4 trillion" economic stimulus plan, to prevent the growth of rapid downward. With active fiscal policy, since 2009 by the end of 2014, the state acting issuing government bonds in our province, amounting to 57.1 billion yuan to make up for a lack of financial supporting funds in our province, has played a positive role in promoting economic and social development, especially in such aspects as to speed up infrastructure construction and improve people’s livelihood has played an important role. But due to long time place and the central finance rights and does not match, the local government in finance rights more and more small, more and more, need a lot of money support infrastructure construction, promote the economic development of social undertakings, to complete the assessment of GDP target. Notice from January 25, 2014, the hebei provincial government debt audit results, although debt risk overall control in our province. But there is still a debt parts industry and the industry is growing rapidly, the debt burden is heavy, sinking funds rely heavily on land sales, parts and units use illegal financing debt financing and so on. If not properly solve existing stock of debt and subsequent financing channels and patterns, will induce debt repayment difficulties, most likely to systemic risk, affect the sustainable development of local government. Research to improve the operating mechanism of local government bonds, therefore, to use the bond funds make up for a lack of public construction funds, in the current "three phase superposition" severe complex economic situation, to ensure sustainable and healthy economic development, in the current society is very necessary.New "budget law" and "the state council on strengthening the views of the government debt management", marks the provincial government will become the subject of debt and debt servicing government bonds will become the important channel of government financing in the future. To improve the operating mechanism of local government bonds to guard against and dissolve the risk, is to ensure that the local economic and social sustainable, healthy and stable development of the important things. This article selects in Virginia, in Ontario, Canada, Germany, France, the four as the research object of comparison, should draw lessons from the experience of these countries, perfect the mechanism of local government bonds in our province. According to the current situation of local government bonds at present stage, and draw lessons from international experience, can draw the conclusion: in order to make up for public construction funding gap, guard against and dissolve the local government debt risk, improve the operating mechanism of local government bonds research has become a top priority. This paper puts forward the specific measures, including: clear the subjects of local government bond issuance and repay, promoting the construction of local government bond market; To control the scale of local government bonds to management, budget management, government bonds will classify into budget management; Implementation of risk early warning and relevant supporting measures, such as information disclosure, government credit rating, emergency response plans, etc.