Abstract: In the process of urbanization in China, city investment bonds have largely made up for the financing gap of infrastructure construction in China. After the financial crisis in 2008, the issuance of city investment bonds in China Grew Greatly. Due to the imperfect financial market, imperfect system and lack of laws, the default risk of city investment bonds in China is gradually exposed. This paper takes Fujian province as an example to study the risks of city investment bonds, and draws on the mature experiences of city investment bonds management in the United States to propose the risk prevention and control measures of city investment bonds in China from the perspective of relevant systems, laws and behaviors of issuing subjects.

Key words: City Investment Bond, Risk, Fujian