| Documents | Time | Department | Essential Points |
1 | 《The People’s Republic of China Budget Law》 [5] | Revised August 31, 2014 | The State Council | Local governments and their affiliated departments must not irregulate the debt. |
2 | 《Notice on Stopping Illegal Financing by Local Governments》(Fiscal [2012] no. 463) [6] | December 24, 2012 | The ministry of Finance, NDRC1, the People’s Bank of China, CBRC2 | Strictly forbidden to directly or indirectly absorb public funds and raise funds. |
Effectively regulate local governments to borrow government debts by way of repurchase. | ||||
Resolutely stop local governments from illegally undertaking guarantees. | ||||
3 | 《State Council on Strengthening Local Government Debt Management Advice》 [7] | September 21, 2014 | The State Council | Establish and standardize local government debt financing mechanism. |
Prohibit the new government debt. | ||||
Standardize capital injection, subsidy behaviors, and prohibit illegal guarantees. | ||||
Stock debt screening and control. | ||||
4 | 《Notice on Further Regulating Local Government’s Debt Financing Behavior》 [8] | April 26, 2017 | The ministry of Finance, NDRC3, the People’s Bank of China, CBRC4 | Clean up and rectify the government’s illegal guarantees. |
Standardize the financing behavior of platform companies. | ||||
5 | 《Notice on Resolutely Stopping Local Illegal Financing in the Name of Government Procurement Services》 [9] | May 28, 2017 | The ministry of Finance | Standardize government purchase services. |
6 | 《Notice of the Ministry of Finance on Doing a Good Job of Local Government Debt Management in 2018》 [10] | February 24, 2018 | The ministry of Finance | Accelerate the progress of local government debt replacement. |