对我国西部地区发行市政债券若干问题思考

Municipal bond issuance of the west in China

西部大开发进程中的基础设施建设现已成为制约西部地区进一步发展的重要瓶颈,而日益成熟的中国资本市场又对市政债券提出了迫切需要。针对这一现状,通过分析西部地区发行市政债券的必要性和市场需求,同时对西部地区发行市政债券做出了初步构想,并进一步引发了对债券发行审批、资金使用监管、偿债资金来源及偿还保障等一系列关键问题的思考,以期为我国市政债券的推出勾画蓝图。

The infrastructure construction in the West has been the bottleneck in its further development.At the same time , the development of the capital market in China, raises urgent need to municipal bond issuance. In such a situation, the article analyzes the necessity of issuing municipal bond from the point of the development of the West, as well as the need of Chinese bond market. The author conceives the initiative framework for issuing municipal bond in western area, and triggers off the consideration to a series of critical problems about municipal bond issuance, such as the approval of bond issuance, the fund supervision, the origin of redeem fund and refund guarantee. This article is expected to sketch the blueprint for the issuance of municipal bond in China.