Theoretical Extension and Institutional Adjustment of Legalization of Local Government Debt Gov-ernance
Local government debt is the product of the modes of"land fiscal"and"land finance"to promote local e-conomic development.The legalization of local government debt governance needs institutional support and guarantee.The multi-level political structure of the central-local relationship makes its legal logic and practi-cal dimension complicated and multi-layered.On the one hand,local governments must use reasonable gov-ernance means and regulations to choose the practice path from the perspective of debt's integrity and particu-larity.On the other hand,local governments need to strengthen the institutional foundation of the rule of law at the central and local levels and respond to the reality of legalized governance of local government debt at the level of coordination between central and local rule of law to fully and effectively play the positive role of gov-ernment debt on economic development.We should properly manage and effectively resolve the government debt burden to avoid systemic fiscal and financial risks.
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