| Since the reform of the tax-sharing system,local governments have assumed more and more public service responsibilities.Especially with the acceleration of urbanization,the demand for infrastructure construction of local governments is also increasing.The limited financial resources of local governments are difficult to support the growing demand for public services and infrastructure,local government debt problems have gradually become the focus of attention of all parties.In 2009,local government bonds which were used and repaid by local governments began to be issued by the Ministry of Finance.With the revision and introduction of the new Budget Law,local governments can only borrow debts through the issuance of local government bonds.However,from the current situation,the local debt repayment mechanism is still very imperfect.In some places,the sources of debt repayment funds are insufficient,and the debt repayment management mechanism is not uniform.Some local governments have also established a system of repayment of debts,but on the whole,there are problems such as low standard of regulation,insufficient sources of funds,and irregular use.In order to prevent local government debt risks,provide a stable source of funds for local government debt repayment,and enhance the attractiveness of local government bonds,it is urgent for local governments to establish a comprehensive and unified debt repayment fund system.This paper constructs the basic analytical framework of the sinking fund from several aspects such as the fund source of the debt repayment fund,the use of the debt repayment fund,and the management and supervision of the debt repayment fund.The practice of the current local debt repayment fund in China is analyzed,and the relevant data is simulated.The article analyzes the debt repayment fund system of Japan,the United States and Taiwan China,and analyzes the experience of building a US municipal bond repayment supporting system.The United States controls bond maturity and bond size in terms of issuance,controls the use of funds,and provides different sources of debt repayment according to different types of bonds.It provides debt repayment guarantee through credit rating system and bond insurance system.These practices have important reference significance for China to improve the local government bond debt repayment system.Combining international experience with the actual situation of the country,the article puts forward policy recommendations for improving the local government debt repayment fund system.First,focus on the long-term definition of local government debt repayment fund,second,gradually improve the relevant laws and regulations of local government debt repayment fund,third,develop sources of local government debt repayment fund,and fourth,regulate the use of local government debt repayment funds,and fifth,strengthen the management and supervision of local government debt repayment funds.In addition,in terms of supporting measures,it is necessary to standardize bond issuance and supervision,credit rating system,and bond insurance system to provide guarantee for debt repayment. |
