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Research on the Development of China's Municipal Bond



At present, China doesn't have municipal bond in a real sense. However, with the economic development, especially at the critical juncture of coping with the aftermath of world financial crisis and increasingly fierce international economic competition, the development of municipal bond is of great significance in solving local government financing, enhancing infrastructure construction, speeding up the development of urbanization, expanding domestic demand, adjusting economic structure, and promoting international competitiveness of China's economy.


Combined with current real needs of China's economy and the problems in the local government financing system, on the basis of defining municipal bonds and relevant definitions and sorting out the experience of foreign countries with fast development of municipal bond, especially the US and Japan , this article discusses the necessity of developing municipal bond, and how to systematically build an effective and healthy municipal bonds market step by step, how to guarantee that municipal bonds can play an important and positive role in China's overall bond market. The framework of this article is as follows: the first chapter defines basic concept of municipal bond, and briefly introduces major features and functions of municipal bond; the second chapter introduces development status and market system and special experience in the regulatory system of municipal bond in the US, Japan and other countries, provides useful reference for the construction of China's municipal bond; the third chapter analyzes current situations and problems of China's local government financing, discusses current significance and meaning of the development of China's municipal bond, further explains the really necessity of developing municipal bond through the analysis of the latest development of China's municipal bond; the fourth chapter states clearly the general idea of the development of China's municipal bond, offers strategies for the construction of the development system of China's municipal bond, legal and institutional system, government internal control system and market operation system, and meanwhile it discusses and provides specific steps for the development of municipal bond.