Research on the Issuance Management of China's Local Government Special Bonds

Abstract

China's local government special bond issuance management has been strictly regulated by the central government in terms of method selection, rulemaking and underwriter qualification. According to the income equivalence theorem, the amount of income that local governments receive for bond issuance depends on the degree of investor participation. By comparing the distribution management experience of the United States and China, we can find that there is still room for further improvement in the management of China's local government special bond issuance in many aspects.