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 / Policy Watch

16 trillion yuan debt ceiling set

By Zheng Yangpeng (China Daily) Updated: 2015-08-31 06:57

16 trillion yuan debt ceiling set

An employee counts renminbi (yuan) banknotes at a bank in Lianyungang city, East China's Jiangsu province, June 4, 2014.[Photo/IC]

Motion will keep borrowing within local governments' ability to repay

For the first time in China's modern history, the national legislature has introduced a "debt ceiling" for local government debt, setting it at 16 trillion yuan (more than $2.5 trillion) for this year.

This decision was made on Saturday when the National People's Congress Standing Committee approved a motion proposed by the State Council, or Cabinet.

Observers say this may be the first move by the central government to set a quota system for the debt that is allowed for the governments of all provinces, municipalities and autonomous regions.

China's new Budget Law, which took effect this year, also allows local governments to raise part of their funds for development purposes through the issuance of local bonds. But the size of such issuances is subject to NPC approval.

According to Lou Jiwei, the minister of finance, the NPC's decision makes clear that local debts can never exceed 100 percent of a local economy's wealth-generating capability-as measured by their fiscal revenue.

It also clarifies that a high-risk warning is warranted once local debts range between 80 percent and 120 percent of local fiscal revenues.

Lou estimated that with a total debt of 16 trillion yuan, China's local debt ratio would hover around 86 percent, or a high-risk level, at the end of the year.

But Bai Jingming, a researcher at the Ministry of Finance, said such a degree of risk is still largely manageable, although some local governments would inevitably face more difficulties than others.

Liu Jianwen, a professor of finance and law at Peking University, said managing the recent runaway local government debt is one important task for China's ongoing economic transition. The quota system will force local governments to become more responsible for their spending and fundraising activities.

Of the 16 trillion yuan local debt, 15.4 trillion yuan is debts that local governments will have to take full responsibility for repaying, according to a survey at the end of last year by the National Development and Reform Commission, the People's Bank of China and the China Banking Regulatory Commission.

In comparison with a survey in late June 2013, the figure has increased by more than 40 percent.

Wang Dehua, an economist at the Chinese Academy of Social Sciences, said such a high increase in local debts is due to the introduction of a large number of major public infrastructure projects by local governments.

As for housing development borrowing by companies with ties to local officials, the State Council has already made it clear that local governments are responsible for their debts.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 小罗莉极品一线天在线 | 福利精品 | 激情高潮呻吟抽搐喷水 | 亚洲视频网站在线观看 | 国产精品揄拍100视频 | 福利视频亚洲 | 欧美a在线 | 免费中文字幕在线观看 | 一区二区三区四区五区视频 | 亚洲欧美日韩天堂 | 欧美日韩免费在线视频 | 成人日韩 | 亚洲福利久久 | 亚洲第一免费视频 | 色综合天天综合 | 国产在线第一页 | 亚洲大片免费看 | 日韩视频h | 色欧美在线| 中文字幕在线视频一区 | 国产一级二级三级在线观看 | 17c在线观看视频 | 97人人草 | 午夜肉体高潮免费毛片 | 亚洲黄色精品 | 影音先锋一区 | 国产真实乱子伦a视频 | 97超碰在 | 秋霞成人午夜伦在线观看 | 国产午夜精品理论片 | 五月天婷婷社区 | 欧美视频一区在线观看 | 77777色 | 午夜香蕉视频 | 日本高清黄色 | av在线超碰| 欧美视频第二页 | 国产美女免费 | 国产午夜大片 | 中文字幕精品在线观看 | 欧美成人h |