bond sales 举借债务

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.

为了应对这一局势，修订版预算法允许省级地方政府发行债券，但又对其作出了严格的限制性规定。新预算法不仅限制了发行的债券规模，还规定了发行方式和举借债务的资金用途。

新预算法将green-lights bond sales by provincial-level governments（允许地方政府发行债券）。新预算法规定，provincial governments are allowed to issue bonds within a quota² set by the State Council（省级政府须在国务院下达的限额内举借债务）。而且，money raised by the bonds can only be used for public services, and not for government operations（通过债券筹措的资金只能用于公益性支出，不能用于政府运作）。

新预算法将政府预算分为四个部分：general budget（一般公共预算）、budget for government-managed funds（政府性基金预算）、budget for state-owned assets（国有资本经营预算）以及budget for social insurance funds（社会保险基金预算）。这就是“四本预算”，有助于建立一个complete and transparent³ budgetary system（全面规范、公开透明的预算制度）。