日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Make me your Homepage
left corner left corner
China Daily Website

China's direct govt debt risks controllable

Updated: 2013-12-31 10:47
( Xinhua)

Risk controllable

Risks of government debt are generally controllable, but there are some risks in some places, the NAO statement said.

Over the past year or so, the market has been worried by China's rising debt burden and leverage, and there had been no official update since 2011, when the NAO put local government debt around 10.7 trillion yuan at end of 2010.

Local government debt exploded during the investment and construction binge that was part and parcel of a stimulus in 2008 to buffer against the global financial crisis.

The NAO said central authorities took the problem of government debt very seriously, and governments at various levels had made some progress in paying back some debt and regulating local government financing vehicles.

A huge number of debt-financed projects have not generated any cash flow. Local government debt has become a major threat to financial stability.

Resolving risk associated with local government debt was a main theme of the four-day Central Economic Work Conference which ended on December 13. The conference traditionally sets the tone for following year's economic policy.

Lu Ting, chief China economist with Bank of America Merrill Lynch, maintains China won't face an imminent debt crisis for five reasons - a very low debt-to-GDP ratio at 21 percent for China's central government, almost all government debt denominated in the Chinese currency Renminbi, huge national savings and quite large good assets owned by governments at various levels.

In addition, China still has high economic growth and fiscal revenue growth despite the slowdown, he said.

Lu, however, warned of a number of rising issues.

Growth of debt has been significantly higher than economic growth in the past two years.

Public debt is dominated by local government debt with significant duration mismatches.

China's 111 percent corporate debt-to-GDP ratio is higher than many other developed economies, due mainly to the weak equity capital market which cannot raise enough capital to support growth.

To solve the problems, Lu suggested China should deleverage its local governments while leveraging up the central government, and should try to replace local government short-term bank and trust loans with longer bonds.

"To maintain both economic growth and financial stability, China should avoid simplistic deleveraging and debt reduction," he added.

Previous Page 1 2 Next Page

 
 
...
主站蜘蛛池模板: 97午夜影院 | 蜜臀99久久精品久久久久小说 | 免费在线观看一区 | 成人黄色a| 久久草草 | 成人高清在线视频 | 成年网站在线 | 伊人55 | 国产精品亚洲一区 | 午夜视频黄 | 国产精品一区二区视频 | 成人黄色在线观看视频 | 黄色一级网| 日韩中出 | 国产精品高潮av | 91视频色| 国产成人a∨ | www.av色| 免费在线观看av | 天堂99| 日本在线www | 黄色小视频免费观看 | 18岁成年人网站 | 国产精品999久久久 www久久com | 三级亚洲欧美 | 天天干天天弄 | 黄色一级免费片 | 好吊操在线 | 中国大陆高清aⅴ毛片 | 天天干天天色天天射 | 伊人一区二区三区 | 一级片视频播放 | 天天看天天色 | 日本欧美一区二区三区 | jizz黄色片 | 国产精品色片 | 天天干视频在线观看 | 日日夜夜天天综合 | 国模吧一区二区 | www欧美在线| 欧美在线视频一区 |