www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Policy Watch

Local govt bonds are poised for approval

By ZHAO YINAN/ZHENG YANGPENG (China Daily) Updated: 2014-04-22 07:50

State Council would set quota system on debt, but only under strict conditions

China may allow local governments to sell municipal bonds under narrow parameters in a move to regulate their borrowing and reduce systemic risk.

Qualified provincial-level governments that win approval from the State Council, the country's cabinet, will be able to raise some of the funds needed for construction projects through bonds, if a draft amendment to the Budget Law is approved by the top legislature.

Local govt bonds are poised for approval

Local govt bonds are poised for approval

The draft amendment, which was submitted on Monday to the National People's Congress Standing Committee, sets strict conditions for such debt issues.

The scale of any debt issue must be within the quotas approved by the NPC as well as local legislatures. Debt proposals will only be approved if there is a stable revenue stream to cover repayments, and proceeds of such issues can't be used for current expenditures.

Except under these conditions, local governments may not issue bonds or provide a guaranty to any institution or individual.

Officials found to be directly responsible for illegal bond issues will be dismissed, the draft said.

It's the first time for the nation to formulate explicit rules and supervisory principles for local government bond sales.

The current Budget Law, which is some two decades old, bars most debt issues by local governments.

But governments at all levels have managed to raise funds in recent years through bank loans or via local government financing vehicles to pay for a plethora of infrastructure projects.

A survey by the National Audit Office found that as of June 30, 2013, local government debt and contingent liabilities surged to about 17.89 trillion yuan ($2.9 trillion), a 67 percent rise from the previous estimate of 10.7 trillion yuan at the end of 2010.

Much of this debt, especially that raised through LGFVs, poses a systemic risk because of its opacity, said Liu Jianwen, head of the Fiscal and Economic Law Research Center at Peking University.

Local govt bonds are poised for approval

Local govt bonds are poised for approval

Top 10 countries with highest GDP in 2013  Top 10 regions with highest GDP in China 

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 欧美性猛交xxxxbbb | 欧美在线观看一区二区 | 欧美一级免费片 | 爽爽日本在线视频免费 | 久久久免费精品 | 91高清免费国产自产 | 欧美一级毛片日本 | 久久精品a亚洲国产v高清不卡 | 狠狠色综合网站久久久久久久 | 成人精品一区久久久久 | 日本加勒比高清一本大道 | 国产精品亚洲玖玖玖在线靠爱 | 很黄的网站在线观看 | 成人免费一区二区三区视频软件 | 欧美一级别 | 日本午色www高清视频 | 67id人成国产在线 | 国产uv1区二区三区 国产va免费精品高清在线观看 | 日韩不卡一级毛片免费 | 欧美在线三级 | 中文字幕亚洲视频 | 成年人免费视频观看 | 男人的天堂久久 | 2022国产精品网站在线播放 | 色偷偷亚洲精品一区 | 久久精品三级视频 | 亚洲国产欧美日韩精品一区二区三区 | 男人使劲躁女人视频小v | 性久久久久久 | 亚洲国产人成中文幕一级二级 | 波多野结衣在线观看一区二区三区 | 亚洲精品资源网在线观看 | 日本特黄特色大片免费看 | 高清不卡日本v在线二区 | 国产一级在线观看 | 亚洲欧美国产高清va在线播放 | 一级做a爰片久久毛片欧美 一级做a爰片久久毛片人呢 | 99九九精品视频 | 久久99久久99精品观看 | 国产成人在线视频播放 | 91免费网站在线看入口黄 |