Strategic option for developing municipal bonds in China;

Researches in Municipal Bond Issues in China;

Analysis on Liquidity Risk and Default Risk of China Municipal Bond;

The paper discusses the mode of municipal bonds based on the theories of debt financing,and clears up the necessity and feasibilty of issuing mumicipal bonds.

Municipal bonds plays a very important financing role in the developed world s urban con-struction and economic development but in our country the law does not permit municipal bond issue Objec-tively, has already formed a local system of financing There have been some disguised behavior by a variety of companies on the is-suance of municipal bonds.

Poland,as an emerging marketing and economic shunt country,does not simply rely on developing municipal development fund to settle the problem of infrastructure financing,but adopts a measure that combines own money,government favorable loans,commercial loans and issuing municipal bonds.

The municipal income bond takes one kind of innovation to the financial tool, may provide the new financing channel for the city infrastructure construction and huge fund gap in our country.

The mere existence of the municipal bond insurance shows how the insurance market and the capital market can collaborate with each other.