久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Business / Economy

Debt swap covers 54% of repayments

By ZHENG YANGPENG (China Daily) Updated: 2015-03-14 16:36

More than half of the high-interest local government debt that falls due this year will be covered under a debt swap plan arranged by the Ministry of Finance, which said on Friday that the swap would not raise the debt level further.

The ministry on Monday disclosed that it had ordered issues of 1 trillion yuan ($160 billion) of low-yield municipal notes that will replace legacy liabilities, in a bid to ease local governments' mounting interest repayment pressure.

An audit in June 2013 found local governments faced repayments of 1.858 trillion yuan in 2015. The debt swap covers 53.8 percent of that amount, and the conversion could reduce interest payments by 40 billion yuan to 50 billion yuan a year, according to the ministry.

Following the debt swap announcement, there was speculation on Wednesday that the plan would expand to 10 trillion yuan, which would be tantamount to "quantitative easing". Vice-Finance Minister Zhu Guangyao denied this would be the case, but did not elaborate.

The latest statement from the ministry said the debt swap only covers funds borrowed before June 2013. Provinces and municipalities, instead of the ministry, will be primarily responsible for issuing and repaying the new debt.

The debt swap represents "a change of form" and "not a rise of outstanding debt", so it will not add to this year's deficit, the ministry noted.

According to the Economic Information Daily, which is affiliated with the official Xinhua News Agency, the 1 trillion yuan quota has been distributed among the provinces' finance bureaus.

The quota for each region was set in reference to its legacy debt and maturing debt. Jiangsu province got the largest share of more than 80 billion yuan, while Guangdong province got more than 50 billion yuan.

Tens of thousands of local government financing vehicles in the past few years amassed huge debts through bank loans, trusts or the public bond market. Some 2.8 trillion yuan in debt, which includes indirect liability, falls due this year. Of this, 558.7 billion yuan is LGFV bonds.

"At least the short-term liquidity stress and default risk are much reduced," said Nicholas Zhu, a senior analyst covering sub-sovereign debt at Moody's Investors Service in Beijing.

But Qu Qing, an analyst at Huachuang Securities, pointed out that the majority of the legacy debt was incurred as bank loans.

Thus, the debt swap means that a smaller share of LGFV bonds coming due this year will be swapped. He estimated the proportion at about 20 percent.

Zhu said that this year's budget has recognized the financing needs of unfinished projects.

"The new budget allows refinancing of projects under construction through bank loans before the transition to a fully fledged local government bond market is complete," he said.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 在线观看国产日韩 | 欧美成人吃奶高清视频 | 国产区香蕉精品系列在线观看不卡 | 91香蕉成人免费高清网站 | 日韩高清免费观看 | 成人合成mv福利视频网站 | 99久久精品国产片久人 | 日韩欧美不卡一区二区三区 | 亚洲不卡一区二区三区在线 | 久久99国产精品久久99果冻传媒 | 污美女网站www在线观看 | 亚洲视频精品在线观看 | 看一级毛片国产一级毛片 | 99在线视频精品费观看视 | 欧美激情久久久久久久久 | 国内自拍2020 | 尤蜜网站在线进入免费 | 国产成人高清一区二区私人 | 成人爱爱网站在线观看 | 免费a级片网站 | 久久久9视频在线观看 | 国产一区二区中文字幕 | 国产一级免费视频 | 综合558欧美成人永久网站 | 一区二区三区在线播放视频 | 色偷偷亚洲第一成人综合网址 | 亚洲最大情网站在线观看 | 色综合a | 韩国一级毛片在线观看 | 92精品国产自产在线 | 亚洲一区免费 | 男女性高清爱潮视频免费观看 | 成人午夜爽爽爽免费视频 | 99视频国产热精品视频 | 国产成人精品高清免费 | 免费看又黄又爽又猛的网站 | 成人永久免费视频网站在线观看 | 中文字幕亚洲综合久久男男 | 国产黄色在线播放 | 操她视频网站 | 在线中文字幕播放 |