Research On The Legal Supervision System Of Local Government Financing

Local government financing is an inevitable choice for the construction of local public facilities.From the 1990 s to the "Opinions on Strengthening the Management of Local Government Debt"(Guo Fa [2014] No.43)(hereinafter referred to as Document43)for more than 20 years For the time being,local government financing platforms have always played a role in financing local governments,and the rapid development of China’s urbanization has contributed to the rapid development of local government financing platforms.However,during the operation of local government financing platforms,many problems were gradually exposed.In the face of increasingly prominent problems,China’s central government began to frequently issue documents devoted to cracking down on the difficulties created by the brutal growth of local government financing platforms.This stage of the legal supervision system On the one hand,it shoulders the task of ensuring the smooth transition of the local government financing platform,on the other hand,it shoulders the task of regulating the behavior of local government debt issuance and exploring the behavior of financing channels.The smooth transition of local government financing platforms refers to the post-local government financing platform period,that is,after the implementation of Document 43,local government financing platforms must divest government financing functions and achieve market-oriented transformation;standardize local government debt issuance behavior and explore financing channels Behavior refers to the local government actively exploring financing channels,establishing a financing model with local governments issuing bonds as the main method,and shouldering the heavy burden of financing public utility projects.This article summarizes the forms of local government financing in China,sorts out its development process,and analyzes the current status of local government financing and supervision in China,and puts forward the problems in its current operation.Then,it introduces specific governments for the United States,Britain,France and Japan.The financing model was analyzed and summarized,and some suggestions for local government financing supervision in China were put forward: firstly,the regulatory body of local government financing supervision was clarified;secondly,the supervision of the local government financing platform transformation process was improved;again,the supervision of local government financing behavior was improved;Then,establish an open system for local government financing;Finally,strengthen the legal responsibility supervision of local governments for illegal financing activities.At the same time,the author has also tentatively proposed ways to establish a local government financing supervision system on the basis of drawing on useful experience abroad.