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

US EUROPE AFRICA ASIA 中文
Business / Markets

Chinese local govt bond issuance gains momentum

(Xinhua) Updated: 2014-08-22 10:00

Challenges to credibility

As a burgeoning business, the local government bond issuance still faces many challenges.

The introduction of credit ratings is a distinctive feature of the bond issuance this time, but the eight regions that issued bonds in the past three months all got AAA ratings, the highest grade assigned to a debt product, regardless of their economic development level.

The rating is higher than the AA and AA+ normally assigned to the majority of bonds issued by the LGFVs, suggesting the issuer's strong ability to repay.

The underdeveloped northwestern Ningxia Hui autonomous region and the eastern Jiangxi province were rated the same as booming Guangdong province and Shanghai, which stirred doubts among investors as to the credibility of the ratings system, which is meant to allow investors to gauge risk.

"It's hard to judge the credibility of the rating as basic data, including the balance sheets of local governments, has not been released," said Zheng Chunrong, professor with the Shanghai University of Finance and Economics.

The ratings for the eight regions were offered by three independent ratings agencies: Shanghai Brilliance Credit Rating and Investors Service Co Ltd, China Credit Rating Co Ltd and Dagong Global Credit Rating Co Ltd.

Meanwhile, repaying funds raised through municipal bonds will put local government budgets to the test. Without imposing proper fiscal discipline, it will be a challenge to put the issuer's fiscal strength in perspective, according to Lu Zhengwei, chief economist with Industrial Bank Co Ltd.

Having proper budgetary constraints will be a determining factor when reviewing a local government's eligibility to issue municipal bonds, he added.

Minister of Finance Lou Jiwei said in early July that the Chinese government will expand the pilot bond issuance program.

At the same time, Lou called for local governments to make public their balance sheets and for a mechanism to be established to ensure local governments are held accountable for their debts.

The eight regions to have issued their own local government bonds so far are Guangdong, Shandong, Jiangsu, Jiangxi, Ningxia, Qingdao, Zhejiang and Beijing. Shenzhen and Shanghai are scheduled to make the move before the end of 2014.

Chinese local govt bond issuance gains momentum
Chinese local govt bond issuance gains momentum
Guangdong helps kick off new era Municipal debt market takes big step forward

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 青青草黄色 | 高清18麻豆 | 中文字幕日韩亚洲 | 日日干日日 | 久久久三级 | 亚洲三级视频 | 欧美日韩在线免费 | a级一a一级在线观看 | 欧美精品四区 | 男人天堂2021 | 欧美在线激情视频 | 三级福利片 | 久热精品在线视频 | 天天在线免费视频 | 国产精品美女视频 | 成人免费在线播放 | 日韩亚洲欧美在线观看 | 深夜视频在线 | 亚洲综合91 | 操操操操操 | 国产黄色免费视频 | 国偷自拍第113页 | av网站网址 | 中文在线资源天堂 | 高清av免费 | 日本大尺度吃奶做爰久久久绯色 | 亚洲欧美综合网 | 一区二区三区四区免费观看 | 视色,视色影院,视色影库,视色网 | 中文字幕欧美在线 | 日韩视频在线免费观看 | 欧美日韩在线免费视频 | 一区二区三区在线免费观看 | 久久裸体视频 | 国产午夜激情 | 日韩少妇毛片 | 天天躁夜夜躁狠狠躁 | 日日碰碰 | 91在线视频免费看 | 亚洲在线免费看 | 欧美一区二区在线视频 |