Research On The Problems And Countermeasures Of R City Local Government Special Bond Repayment Management

The promulgation of the new budget law and Guofa No.43 document in 2014 allowed local governments to issue bonds by themselves,further improving and standardizing the debt financing mechanism of local governments.Local government special bonds also came into being.Under the requirements of "opening the front door" and "blocking the back door" and strictly preventing and controlling local government debt risks,the issuance and use of local government special bonds have played a positive role in standardizing local government debt management and risk prevention and control,and also played an important role in stabilizing investment,expanding domestic demand and making up for weaknesses.However,with the gradual expansion of the scope and scale of the special bonds of local governments in China,the pressure of local governments’ debt repayment is gradually increasing.The problem of local government special bond repayment management has become increasingly prominent,which needs the attention and control of governments at all levels.In recent years,the annual National Economic Work Conference and Financial Work Conference have proposed to strengthen the management of local government special bonds,and issued a series of measures.In this context,it is of great significance to study the repayment management of special bonds from the whole life cycle of "borrowing,using,managing and repaying".On the basis of sorting out the development process of local government special bonds in China,this paper summarizes the research on the repayment management of local government special bonds at home and abroad.On this basis,it makes an in-depth analysis on the current situation of "borrowing,using,managing and repaying" the special bonds of the local government of R city,and summarizes the experience of the repayment management of the special bonds of the local government of R city.Combined with the current situation of special bond repayment management of local government of R city and the case analysis of some special bond projects,this paper summarizes the problems existing in the special bond repayment management of local government of R city from the aspects of "borrowing,using,managing and repaying" of special bonds of local government,including four aspects: insufficient preparation for early development,low performance in medium-term use,inadequate guarantee for late repayment and imperfect long-term mechanism.On the basis of comprehensively sorting out the problems and drawing on the experience of foreign municipal bond repayment management,this paper puts forward countermeasures and suggestions to strengthen the special bond repayment management of local government of R city from four aspects one by one.The measures to strengthen the repayment management of special bonds of local government of R city include strengthening the source control of project issuance,strengthening the management of fund use process,implementing the source management of repayment funds and improving the system and mechanism of special bonds.Base on the public debt theory,the government budget management theory and the product life cycle theory,this paper uses literature research,typical investigation and other methods to discuss the local government special bond payment management in R City,and makes innovations in the research ideas and perspectives.The research conclusions can provide some references for other regions to strengthen the local government special bond payment management.