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The Study on Legal System of Risk-Based Regulation of the Sovereign Debt in China

Author: YuanFang
Tutor: ZhangYuRun
School: Anhui University
Course: Economic Law
Keywords: the sovereign debt risk risk-based regulation legal system
CLC: F812.5
Type: Master's thesis
Year: 2014
Downloads: 0
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Abstract


The sovereign debt is a kind of foreign debt which is guaranteed by the sovereign credit of government, it directly demonstrates the development and operation in economic as well as the status of the sovereign credit in a certain period of a country or region, the management of risk is also related to the safety and sustainable development of economic and social. The sovereign debt of China can be divided into three species:Loans from foreign government, Loans from international financial organizations or other organizations and International bond, among which Loans from foreign government, Loans from international financial organizations or other organizations rank a large proportion, both of the two species share the same characteristic, such as long time limit, lots of preferential policies, a lower rate of interest and a stable supply.Risk of the sovereign debt is a sort of losses or adverse effects which is caused by the uncertainty and defects from the sovereign debt itself in political, economic and social, it has several features including uncertainty, social,infectious and elusive as well as many defects existed, problems which are caused by the risk is also the expression of risk itself in all fields. Specifically, risk of the sovereign debt shows as follows:financial risk with main futures of fiscal deficit and debt crisis, currency risk which is caused by foreign exchange fluctuation with possible economic losses, interest rate risk results from the uncertainty of global market interest rate, the external risk of market heads from unpredictable situations which has brought adverse effects to the country who is borrowing, applying and repaying the sovereign debt, liquidity risk which is caused by serious doubt of one’s sovereign credit and the possibility that will lead to a payment crisis as a result of the assets which the debtor posseses lack of liquidity and couldn’t be disposed at a reasonable cost and the right time so that there exists no enough liquidity to cater the demand of repaying the capital and interest, risk of national policies changing due to lacking of enough money to repay the sovereign debt on account of policies changed during the period of loan so that the government can’t finish the earning aims which has set before.Carrying out a comprehensive job of risk-based regulation of the sovereign debt is so critical that we can make use of the debt to promote the reform and opening-up policy and the socialist modernization as the sovereign debt has so many risks itself while it is also of great significance to the development of our country which depends on whether we could make best use of the sovereign debt and avoid some unnecessary losses. Risk-based regulation of the sovereign debt is virtually a job which is used to balance the relation between the development of economic and social and management of potential risk in order to exploit a new path. We should follow the principle of which combined with borrowing, applying, repaying and responsibility, right, profit and enhance the awareness of risk prevention to ensure enough solvency and prevent and control risk of the sovereign debt actively. To meet the demand of market economy, China has started to establish the system of risk-based regulation of the sovereign debt under Socialism with Chinese characteristics after the reform and opening-up policy had been pursed. While the scale, structure and form of the sovereign debt has slowly changed with continuous development of economic and social, China’s system and structure of risk-based regulation of the sovereign debt also has been adjusted to keep pace with the expansion of the debt with the background we live has changed dramatically, it has experienced two phases generally:the fist one is the period of exploring and exploiting (from1979to1997), the second period is gradually improved (from1998to now). Although China has scored some achievements in the construction of system of risk-based regulation of the sovereign debt, but not a few problems exposed. For example, superfluous departments of risk-based regulation of the sovereign debt lead to unclear duties of departments, imperfect of the budget system of the sovereign debt, no complete legal system of risk-based regulation of the sovereign debt for legal support, absence of regulation in the field of financing by releasing International Bond and instability of applying financial derivative instruments to prevent potential risks, all of them has become a lion in the path to improvement of applying and risk-based regulation. Aimed at the issues existed in risk-based regulation of the sovereign debt, we must build the legal system which is characterized by Chinese characteristics to demand the development requirements of socialist marketing economy and rule by law in order to apply the debt efficiently and prevent the relevant risks based on the status of China and the whole world, finally achieving the goals that economy grows rapid and sound. We should set out to do some works under the principles that insisting on the reform and opening-up policy, insisting on innovation of system of economic and financial, insisting on risk-preventing and stable development of economic and social, insisting on borrowing, applying, repaying and responsibility, right, profit, then we can start the job that establish an unified department which in charge of managing the risk-preventing, reform the budget system of the sovereign debt under the system of public finance, build a new legal system of risk-based regulation of the sovereign debt, improve the channels of financing by International Bonds and expand the capital source and enhance the ability to apply financial derivative instruments in risk-prevent work.It is a really complex systematic engineering to build and improve the legal system of risk-based regulation of the sovereign debt and it get a long way to go. Only if we carry out the job under public policy and laws and regulations and enhance the awareness of risk to reinforce risk-based regulation of the sovereign debt by various kinds of measures can we prevent and resolve the risk availably and ensure the security of China’s economy. Also the positive functions of the sovereign debt could be released completely which will make a great contribution to the socialist modernization of China.

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CLC: > Economic > Fiscal, monetary > Finance, the state's financial > China's financial > National bonds, bonds, foreign debt
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