The principles of China s national public bond management and the principles of public bond issuance

Answer]: a, b, d

The principles of public bond issuance mainly include: the principle of economic issuance, the principle of stabilizing market order, the principle of minimum issuance cost and the principle of issuing with a degree of circumstance. Therefore, Kaikai's options a, b, and d are in line with the topic.

Answer]: According to the provisions of the Budget Law of the People's Republic of China and relevant documents, part of the funds necessary for construction investment in the budgets of provinces, autonomous regions and municipalities directly under the Central Government approved by *** can be raised by issuing local ** bonds and borrowing debts within the limits determined by ***. The scale of the borrowed debt shall be submitted to the National People's Congress or the Standing Committee of the National People's Congress for approval.

Debts borrowed by provinces, autonomous regions, and municipalities directly under the Central Government in accordance with the limits issued by the People's Republic of China shall be included in the budget adjustment plan at the corresponding level, and shall be submitted to the Standing Committee of the People's Congress at the corresponding level for approval. The borrowed debt should have a repayment plan and stable repayment funds**, and can only be used for public welfare capital expenditure, not for recurrent expenditure. In addition to the above provisions, local ** and its subordinate departments shall not borrow debts in any way; Except as otherwise provided by law, the local government and its subordinate departments shall not provide guarantees for the debts of any unit or individual in any way.

Thoroughly implement the national and provincial regulations on strengthening the management of local spring debts, in accordance with the management principles of clear responsibility, standardized management, combination of dredging and blocking, risk prevention, and openness and transparency, and build a first-class debt supervision system with a degree of borrowing, proper repayment, orderly management, and strong supervision, resolutely curb the increase of hidden debts, ensure that the scale of first-class debts is reasonable, the risks are controllable, and the use is standardized, so as to promote the sustainable and healthy development of the city's economy and society.

1) Clarify responsibilities. Clarify the responsibilities of enterprises and enterprises, debts shall not be borrowed by enterprises, and corporate debts shall not be passed on to repayment. The people of each town (sub-district office, park management committee) are the main body responsible for the debt in their jurisdiction, and they should bear the risk of who borrows and who repays.

2) Standardize management. Implement scale control of local debts, strictly limit the procedures for borrowing debts and the use of funds, classify local debts into full-caliber budget management, realize the unity of "borrowing, using, and repayment", and implement the requirements of standardized management.

3) Combination of dredging and blocking. Establish a standardized debt financing mechanism, appropriately borrow in accordance with the law, and raise necessary funds for local economic and social development. Strictly restrict all departments and towns' people** (sub-district offices, park management committees) from borrowing in violation of laws and regulations outside the prescribed channels.

4) Prevent risks. Establish an early warning mechanism for debt risks, implement debt repayment responsibilities, properly handle follow-up financing for projects under construction, and effectively prevent and resolve financial risks.

5) Openness and transparency. Disclose information on important matters of debt, improve the content of reports to the National People's Congress, accept supervision from all walks of life, and improve debt management and management.

Legal basis: Regulations of the People's Republic of China on Information Disclosure

Article 7: All levels of people shall actively promote information disclosure efforts, gradually increasing the content of information disclosure.

Article 8: All levels of people's ** shall strengthen the standardization, standardization, and informatization management of ** information resources, strengthen the establishment of ** information disclosure platforms, promote the integration of ** information disclosure platforms and government service platforms, and increase the level of handling ** information disclosure.

Article 9: Citizens, legal persons, and other organizations have the right to supervise administrative organs' information disclosure efforts, and to submit criticisms and suggestions.

External debt management is a system in which the state formulates medium-, long-term, and annual plans for the use of foreign capital, and implements overall arrangements and centralized management for external debt borrowing and bond issuance.

Legal basis: Interim Measures for the Administration of Foreign Debts

Article 38 The departments in charge of foreign debts shall, in accordance with state laws, regulations, and the relevant provisions of these measures, exercise supervision and control over foreign debts and foreign guarantees.

Article 39 When performing its supervisory duties, the foreign debt management department has the right to require the debtor and the relevant units to provide relevant materials and inspect the relevant accounts and assets.

Article 40 If a domestic institution fails to perform the prescribed examination and approval procedures or fails to register in accordance with the regulations when borrowing foreign debts or providing foreign guarantees, the loan contract or guarantee contract signed by it shall not be legally binding.

Article 41 External loans or guarantees that are not embodied in the form of loan contracts or guarantee contracts, but which in essence constitute external repayment obligations or potential external repayment obligations, shall be included in the supervision of foreign debts in accordance with these measures.

Article 42 It is forbidden to violate the principles of benefit sharing and risk sharing by borrowing foreign debts in disguised form by means such as guaranteeing a fixed return on foreign direct investment.

Article 43 Without the approval of the foreign debt management department, overseas Chinese-funded enterprises are not allowed to transfer their own debt risks and debt repayment responsibilities to the mainland.

Article 44 When a financial institution engaged in foreign exchange business discovers any violation of the provisions of these measures when it opens foreign exchange and foreign debt accounts for domestic institutions and handles foreign exchange fund transactions, it shall promptly report to the relevant foreign debt management department and assist the foreign debt management department in conducting investigations.

Article 45 The departments in charge of foreign debt management shall keep abreast of the dynamics of foreign debts and establish and improve a full-scale monitoring and early warning mechanism for foreign debts.

Article 46 The State Administration of Foreign Exchange shall be responsible for the statistical monitoring of foreign debts and shall publish statistical data on foreign debts on a regular basis.

Article 47 Where a domestic institution borrows foreign debts or guarantees in violation of the provisions of these Measures, the competent department of its department shall give corresponding administrative sanctions to the person in charge who is directly responsible and other persons who are directly responsible in accordance with law. where a crime is constituted, criminal responsibility is pursued in accordance with law.

Article 48 The staff members of the foreign debt management departments who twist the law for personal gain, abuse their powers, or neglect their duties shall be given administrative sanctions by the departments to which they belong according to law. where a crime is constituted, criminal responsibility is pursued in accordance with law.