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

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: 农村寡妇一级毛片免费看视频 | 国产欧美日韩不卡在线播放在线 | 欧美一级毛片免费看视频 | 国内精品久久久久影院免费 | 成人国产一区二区三区精品 | 日本三级香港三级人妇99视 | 看看免费a一片欧 | 狠狠色丁香婷婷综合 | 怡红院免费的全部视频国产a | 久久精品观看 | 精品国产免费第一区二区 | 亚洲 欧美 精品专区 极品 | 久久一区二区三区免费 | 美女黄色在线网站大全 | 国产精品午夜波多野结衣性色 | 日本免费一区二区三区看片 | 免费看一级毛片欧美 | 久久精品一区二区三区不卡牛牛 | 女人张开腿让男人桶个爽 | 久久视频精品线视频在线网站 | 日韩精品一区二区三区免费视频 | 欧美精品人爱c欧美精品 | 国产成人精品亚洲 | 日韩欧美成末人一区二区三区 | 在线观看国产一区二区三区 | 中文无码日韩欧免费视频 | 韩国一级毛片视频 | 欧美一级毛片免费观看视频 | 久久久久久久国产a∨ | 国模在线播放 | 成人黄页网站 | 免费看男女做好爽好硬视频 | 日本久久久| 久草男人天堂 | 久久国产精品久久久 | 中文在线三级中文字幕 | 国产亚洲欧美日韩综合综合二区 | 三级伦理网站 | 国产成人福利美女观看视频 | 中文字幕av一区二区三区 | 国产日韩欧美在线 |