Research On The Supervision System Of Government Debt Financing By County-level People's Congresses In Guizhou Provinc

As an economically underdeveloped province in the southwest,Guizhou has a prominent problem of local government debt at the county level,and the risk of local government debt has become a serious hidden danger in the systemic risk of China.The effective supervision of government debt financing activities by county-level people’s congresses is not only a powerful institutional barrier to prevent and resolve local government debt risks,but also implies the goal of modernising the national governance system,the rule of law and democratisation.This article starts from the basic theory of the People’s Congress supervision of government debt financing and explains the value of the People’s Congress financial supervision system in dealing with government debt financing activities through the political economy theory’s revelation of the essence of government debt financing-"Pre-taxation",including balancing In this paper,we lay the groundwork for a consensus on the value of the People’s Congress financial supervision system in dealing with government debt financing activities,including balancing public financial power,building a financial democracy and safeguarding citizens’ property rights.On this basis,firstly,through an overview of the current situation of the operation of the county-level people’s congresses’ supervision of government debt financing system in Guizhou Province,the practical effects of the supervision of government debt financing by county-level people’s congresses in Guizhou Province are taken as the starting point,leading to the problems in the operation of the county-level people’s congresses’ supervision of government debt financing system in Guizhou Province.It is found that the process of supervision of government debt financing by county-level people’s congresses presents certain formal characteristics;at the same time,the supervision method is relatively single,and the main body of supervision lacks initiative and authority;in addition,there are blind spots in the supervision of government debt financing activities by county-level people’s congresses.The reasons for the above problems are then analysed in depth,including the lack of adaptability of the current legal provisions,mainly in the lack of provisions for budgetary supervision of hidden government debts and the imperfect provisions of budgetary supervision procedures;the weak organisational strength of financial supervision by County-level People’s Congress itself,mainly in the general lack of awareness and ability of the County-level People’s Congress deputies to perform their duties,and the lack of balance between the supervisory responsibilities of the standing committees of the County-level People’s Congress and their establishment.There is an imbalance in resources;the factual power relationship between the People’s Congress and the government in the county-level political system is not coordinated,and the factual power of the People’s Congress is obviously weaker than that of the government.Finally,based on the above analysis,and based on the financial capacity of county-level governments,this paper considers three paths: the legal system,the supervision mechanism and the configuration of power,and proposes the improvement of the County-level People’s Congress supervision of the government debt financing system.The path of legal system: clarify the legal nature of the budget;improve the content of government debt budget management;improve the procedural provisions of budget supervision.Supervision mechanism path: build a joint supervision mechanism of the People’s Congress and the Audit;improve the County-level People’s Congress budget networking supervision mechanism;establish a joint supervision mechanism of the County-level People’s Congress Committees at upper and lower levels.The path of power allocation: optimise the allocation of power resources in the county-level political system in order to harmonise the de facto power contrast between the People’s Congress and the government.The legal system,mechanism as well as power allocation complement each other and are promoted in due course,with a view to consolidating the institutional foundation for the county-level People’s Congresses to supervise government debt financing and providing a solid barrier for preventing and resolving local government debt risks.