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

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Massive debt plagues local govt

By WEI TIAN | China Daily | Updated: 2013-07-01 03:11

Additionally, local authorities have also been relying on "irregular financing channels" to raise money, such as wealth management products issued by local commercial banks, as well as delaying payments on construction projects, the audit office's report said.

"This development also poses a risk because a portion of these transactions is not recorded as debt obligation on balance sheets and, therefore, adds a further layer of complexity in determining local government debt levels," Roane said.

"Some of these products bear interest rates as high as 17.5 percent. The People's Bank of China has a 5.6 percent benchmark loan rate. This adds to the debt burden and creates budget pressure for some entities."

As for the surveyed local governments, bank loans remain the largest source of financing for local governments, accounting for 78 percent of the total balance by the end of 2012, but their share has decreased by 5.6 percentage points since 2010.

In comparison, debt issuance and other borrowings have rocketed by 62 percent and 125 percent respectively during the same period. "Such figures are also representative of other local governments across the country," Zhao said.

He said bank loans and bond issuance together account for approximately 90 percent of the debt on local government balance sheets, while the other 10 percent consists of private equity funds and default on construction payments.

According to a calculation by The Economic Observer, local governments will face two trillion yuan in debts due this year. That accounts for nearly 20 percent of their fiscal revenue and more than half of the fees from land sales.

"Such a large amount of payments would definitely hinder local governments' investment ability and, therefore, add pressure on local economic growth," said Wang Yongjun, director of the Institute for Finance and Economics Research at Central University of Finance and Economics.

To deal with the problem, experts are calling for an increase in local government revenues by up to 2 trillion yuan a year by means of a series of reforms in taxation and income division between local and central government.

"The challenge of the local government debt issue will definitely push forward further reform in the fiscal system but such reform is not restricted to simply seeking more revenue for local governments," Zhao said.

He added that 85 percent of the fiscal revenue in 2012 ended up in the pockets of local authorities so there will not be much room for improvement.

"The main problem is the inconsistency of liabilities in the investment, approval and construction of local government projects," Zhao said,

He also suggested the financing source of a public project must be approved before it gets to the construction stage.

Previous 1 2 Next

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 婷婷激情丁香 | 精品久久久精品 | 欧美激情一区二区三区四区 | 肉丝袜高跟岳激情难忍 | 国产一区二区三区在线 | 亚洲香蕉中文网 | 少妇性l交大片7724com | 亚洲久久久 | 亚洲精品一区二三区 | 国产经典一区二区三区 | 国产原创视频在线 | 中文字幕永久免费 | 亚洲成人免费网站 | 啊v视频在线观看 | 色综合色综合网色综合 | www.爱爱| 夜夜视频 | 日韩av在线一区二区 | 伊人365 | 黄色一级片视频 | 免费看一级 | 中文字幕精品视频在线 | 午夜伦理网 | 香蕉色综合 | 色七七影院 | 国产色婷婷| 日本免费黄色网 | av在线资源| 夜夜操夜夜爽 | 亚洲精品久久久久久久久久 | 国产精品综合久久 | 日本中文在线观看 | 欧洲天堂网 | 婷婷激情四射 | 天堂资源站 | 久久成年视频 | 亚洲91精品 | 午夜精品一区二区三区在线视频 | 日韩aⅴ片 | 免费看h | 操韩国美女|