bond sales 舉借債務

To tackle this situation, the revision green-lights bond sales by provincial1-level governments but places them under strict conditions. It not only restricts the amount of bonds but also regulates how to issue them and use funds raised through bonds.

為了應付這一局勢，修訂版預算法允許省級地方政府發行債券，但又對其作出了嚴格的限制性規定。新預算法不只限制了發行的債券規模，還規定了發行方法和舉借債務的資金作用與功效。

新預算法將green-lights bond sales by provincial-level governments（允許地方政府發行債券）。新預算法規定，provincial governments are allowed to issue bonds within a quota2 set by the State Council（省級政府須在國務院下達的限額內舉借債務）。而且，money raised by the bonds can only be used for public services, and not for government operations（通過債券籌備的資金只可以用于公益性支出，不可以用于政府運作）。

新預算法將政府預算分為四個部分：general budget（一般公共預算）、budget for government-managed funds（政府性基金預算）、budget for state-owned assets（國有資本經營預算）與budget for social insurance funds（社會保險基金預算）。這就是四本預算，能夠幫助打造一個complete and transparent3 budgetary system（全方位規范、公開透明的預算規范）。