It is said that the local debt within a few months, has soared from 4
trillion to 7 trillion
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. Currently, in various disguised forms, and
local government financing platform where the form of debt issued is
not integrated into the local budgets, borrowing funds in the budget
constraint is not in place, transparency and standardization are
inadequate, and are easily lead to the risk.
It is said that the local debt within a few months, has soared from 4
trillion to 7 trillion. According to experts, up to 7 trillion or more
local debt,Dell vostro 1000 Battery may drag down China's pace of economic recovery has just
begun.
Currently, in various disguised forms, and local government financing
platform where the form of debt issued is not integrated into the
local budgets, borrowing funds in the budget constraints in place,
transparency and standardization are inadequate, and are easily lead
to the risk.
State Department May 26 meeting, the deployment of the platform to
strengthen local government finance management and processing platform
for the company's debt financing.
2010, with the number of local investment and financing platform for
the rapid development and financing of the scale, the local government
investment and financing platform for the liability scale are
enormous. Large-scale investment and financing to local governments
also brought high debt.
"Local debt" once again pushed to the media on the cusp.
Soaring Chinese local debt
Recently, news that the local debt within a few months, has soared
from 4 trillion to 7 trillion. According to experts, up to 7 trillion
or more local debt, may drag down China's pace of economic recovery
has just begun.
China Banking Regulatory Commission Chairman Liu, in 2010, the CBRC
held a second analysis of economic and financial situation, said the
information session, to the end of 2009, local government financing
platform loans was 7.38 trillion yuan, up 70.4%. General loans
accounted for 20.4%, annual 3.05 trillion yuan of new loans, accounted
for 34.5% of new ordinary loans. This is from the universally
recognized warning line is very close to 60%. Shows that in 2009, in
response to financial crisis, local government misappropriating the
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fierce.
"Local scale how much debt is actually a very difficult question to
answer accurately." When asked how many of the local debt, the Central
University of Finance and Head of the Financial Institute of Finance,
Professor Kang Hua such statements.
Statistics from the China Banking Regulatory Commission: 5 at the end
of last year, provinces, districts, municipalities, the establishment
of 8221 total investment and financing platform for the company, of
which up to 4907 county-level platform. Platform companies from the
local loan debt and the Comparison of the local government financial
resources, debt was 97.8%, part of the city of platform companies loan
debt exceeds 200%.
Some experts have analyzed the reason why the local debt increased
significantly in a short time the reason is: the reform of tax system
in 1994 degrees, on the one hand, the objective to strengthen the
central government's financial resources, weaken the local government
financial resources, and transfer payment system not perfect, it has a
direct impact on local government finance; the other hand, local
governments have to bear the substantial expenditure of public
affairs.
In this case,Gateway m460 Battery
resulting in conversion of local government debt system,
and reform is lagging behind, coupled with inadequate local financial
resources generated by the pressure available to the Budget Law
prohibits local financial liabilities "clear rules" were in fact the
general liability The "hidden rules" forced substitution, but also
gave birth to many local leading cadres distorted view of debt, debt
that is not afraid to pay back the money, its also by others, can not
repay the money borrowed to error logic, further contributed to the
local government blindly borrowing, which gave birth at the local
level, "previous to borrow, repay future generations," the strange
phenomenon, for local government officials, "who borrowed more
achievements in office who is the greater", which mechanism for the
existence of strong local government officials borrowing power.
On the verge of debt crisis
In 2009, China's national debt balance of approximately 6.2 trillion
yuan, 386.8 billion U.S. dollars foreign debt balance to a total
equivalent to 26% of GDP in 2009, according to international
standards,Dell d820 Battery
is still within the safe range. However, the accumulation
of the past year expansion of local government debt, will become the
largest of the macroeconomic risk factors.
Zhang Jun as a city in South China under the Bureau of Finance head of
investment management companies. Financial Bureau gave him all the
city's main task is to sort out the assets of government agencies
activate. As difficult, Zhang Jun, often frown upon receipt of this
errand.
But entering 2009, Zhang Jun suddenly burst into the major commercial
banks received the local people in charge of public business dinner
invitation. Still he was surprised that Gongchoujiaocuo between the
past have a high-ranking bank executives have intentionally or
unintentionally, there is no demand for loans inquire Zhang Jun and
unprecedented Paixiong Fu said that if there is a need to meet certain
full.
Thus, Zhang Jun quick links major commercial bank loans, did not
expect is a team of "green." From March to May is only 50 million yuan
registered capital of the investment management company, from the
major commercial banks to obtain loans of 40 billion yuan, Zhang Jun
swept past sad, day glow.
I believe wound up with Zhang Jun as happy were the provinces, cities
and counties thousands of head of investment management companies.
Central bank survey showed that as at the end of 2009, five more than
3,800 local government investment and financing platform, nearly 9
trillion yuan of total assets, liabilities rose to 5.26 trillion yuan,
an average rate of about 60% of assets and liabilities. Liabilities of
5.26 trillion yuan last year, the national GDP, equivalent to 15.7%,
76.8% of the national revenue, local financial revenue of 161.35%.
"At present, in various disguised forms, and local government
financing platform where the form of debt issued is not integrated
into the local budgets, borrowing funds in the budget constraints in
place, transparency and standardization are inadequate, and are easily
led to risk." Ministry of Finance Integrated Research Institute, said
Jun-Min Liu, deputy director of Policy Research.
Otherwise, the money to study the report further showed that the net
new debt in 2009 of about 3 trillion yuan, is expected to follow in
2010 and 2011, loans of about 20 thousand to 3 trillion yuan, about
the end of 2011 to reach 10 trillion yuan. In other words, many local
government debt will far exceed the financial revenue, will face
enormous risks.
Reform is a topic not be avoided
The moment, relations between central and local governments allocated
unreasonable and unstable, is not no secret, it has become one of the
reasons the local debt.
The reform of 1994, after a considerable amount of state tax revenue
included in the central government, despite the current "Budget Law"
and other relevant laws, strictly prohibits the local budget deficits
and local government debt, but in fact, most local governments in
different extent,Dell inspiron 1300 Battery
increase the deficit, running her debt or liability,
the fact that these debts are mostly in the recessive state.
Therefore, the local government is engaged in the development plan,
Qianzhaihuanqian is big. Changes in local economic development,
institutional barriers to the plan is the root of the problem.
Background information
What is the local debt
Where the local government issued bonds as government bonds, referred
to as "local bonds", which local governments raise revenue as a form
of release, and its income in the local government budget, scheduling
by local governments. Local government bonds are generally used for
transportation, communications, housing, education, hospitals and
sewage treatment systems, the construction of local public facilities.
China's so-called local bonds, is relatively debt, the local
government to issue bonds to the main body. Of the 20th century to the
late 80s early 90s, many local governments to raise funds road bridge,
which had been issued local bonds.
Currently, local government laws and regulations can not be clearly
defined borrowing. "The People's Republic of China Budget Law"
Diershitiao expressly provides that local government budget by living
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within our means, the principle of balance of payments prepared, not
out in the deficit; second 18 provides that, except as otherwise
provided in law and State Department documents, the local government
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not issue local government bonds.
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