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.