Research On Debt Risk Monitoring Of Local Government In Heilongjiang Province

With the continuous advancement of China's socialist market economic system reform,governments at all levels have greater economic autonomy to reform and open to the outside world,which has effectively promoted the sustained and rapid development of local economy.However,in recent years,financial crises have frequently erupted,lasted for a long time,and had a great impact.In order to restore the economy and maintain stability,the state has issued a series of policies to stimulate the economy,which have achieved good results,but also brought some negative effects.Local governments,as local administrative agencies,undertake economic development and public affairs.In order to promote the economic growth of the region,infrastructure construction and investment should be used to stimulate domestic demand.However,due to the gap in the financial basis of the governments at all level,some municipal and county governments can not afford to invest large-scale funds themselves.In order to make up for the shortage of funds,they can only choose debt financing,and so on.The transmission of debt risk is very easy for governments to generate large amounts of government debt.As one of the old industrial bases in Northeast China,the debt risks accumulated and formed by the governments at all levels have become increasingly prominent in the gradual reform,and are accelerating,to a certain extent,hindering the healthy and sustainable development of the regional economy.Starting with the concept of local government debt risk monitoring,this paper comprehensively uses the new public service theory,public choice theory and incentive compatibility theory to expound and analyze the present situation of local government debt risk monitoring in Heilongjiang Province,and reveals that the debt monitoring of local government in Heilongjiang Province has poor timeliness and some governments have poor timeliness in debt monitoring.Official behavior motivation deviation,unclear division of government debt rights and responsibilities,government impulsive investment and other issues,analysis of the underlying causes of the problem,the use of game model intuitive manifestation of local intergovernmental debt transmission model.In the course of the study,using comparative analysis method,drawing lessons from the experience of the local governments of the United States,Russia and New Zealand in debt risk monitoring,as well as the practices of the local governments of Jilin,Hubei and Anhui in the province,this paper summarizes the successful experiences that can be used for reference,and combines the objective reality of the governments at all levels in the province at present.In addition,it proposes to revise the implementation regulations of the Budget Law,amend the imperfect local government debt regulations,improve the credit rating and credit reporting laws and regulations,strengthen the supervision and restraint mechanism of government officials,establish a reasonable system for the promotion and assessment of local officials,improve the accountability mechanism,and improve the local government debt monitoring system.The government debt professional management organization,the establishment of transparent local government debt information disclosure system,the establishment of local government debt risk early warning system;to strengthen the supervision of the provincial and municipal people's congresses,strengthen the supervision role of the audit department,strengthen the role of creditors as investors to strengthen the Heilongjiang Province local government debt risk monitoring Suggestions.