Municipal bond is a form of bond that urban governments absorb fund from society according to credit principle and meet city public expenditure．It is successful application will help to speed up urban construction.Our country’s rapid development of economy makes local government have heavy demand on municipal construction fund．But issuing municipal bond in the form of company’s bond still has a lot of problems that can’t be avoided．This paper analyzes the general situation of USA municipal bond market based on painstaking study on a great many of literatures of Chinese and other country’s．Further by analyzing the main obstacles through several aspects．Then prescribes how to build and develop municipal bond market in China as to satisfy the large volume need of capital and money.
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