The Orientation,Root Cause and Legal Response of Local Government Debt Risk in China
In recent years,with the increasing downward pressure on the economy and the prominence of land financial problems,the problem of local government debt has become increasingly prominent.Local government debt in China is divided into explicit debt and recessive debt,which generally presents the characteristics of large scale,complex and diversified debt relationship,liquidity risk and regional risk superposition.The causes of local government debt risk are more complex,among which,the dislocation of local government financial power and administrative power is the fundamental cause,and the absence of supervision is an important cause,and the reduction of government revenue in the context of economic downward is the direct cause.To solve the problem of local government debt,we need to be guided by the concept of the rule of law and deal with it from both short-term and long-term perspectives.In the short term,it is necessary to strengthen the rigid constraints of the"budget law"and issue normative documents to guide the resolution of stock debts.In the long run,it is necessary to improve the institutional mechanism of the rule of law,including orderly promoting the reform of the fiscal and taxation system between central and local governments,improving the independent financial system of local governments,strengthening the effective management of local government debt,building a market-oriented debt operation mechanism and so on.
Local Government DebtRecessive DebtThe Relationship Between Central and Local GovernmentsDisposal PathLegalization
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