The Rule-of-Law Approach to Risk Prevention and Control of Local Government Special Bonds
With higher proportion of special bonds in local government debt,they have gradually become the key to local government debt governance and risk prevention.The continuous expansion of the scale of local government special bonds is often accompanied by potential project,fiscal and financial risks.The low level of legal provisions on special bonds in legislation,insufficient marketization of bond pricing,imbalanced competition structure in the bond market,unexpected use of bond funds,and moral hazards induced by borrowing mechanisms collectively constitute the root causes of potential risks in special bonds.It is necessary to establish a high-level legal system for special bonds,improve the credit mechanism for local government special bonds,promote diversified competition structure in the special bond market,strengthen the management mechanism for special bond projects,authorize municipal and county-level governments to independently issue bonds through legislative pilot projects,explore new borrowing mechanisms,and ultimately achieve risk prevention and control for special bonds through a series of legal measures.
special bondslocal government debtrisk prevention and controlbudget lawborrowing rights
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