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

Make me your Homepage
left corner left corner
China Daily Website

Massive debt plagues local govt

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

Massive debt plagues local govt

Moody's Investors Service estimates the direct and guaranteed debt of local governments in China could have been 12.1 trillion yuan at the end of 2012. [Provided to China Daily]

How much have China's local governments borrowed? The answer has always been shrouded in mystery.

The last official update was released by the National Audit Office in mid 2011. It put the nationwide figure at 10.7 trillion yuan ($1.75 trillion) by the end of 2010.

Last week, the audit office issued a new report, a much less comprehensive one covering only 36 local governments at different levels. This said debt in the selected areas had grown 13 percent in the last three years. Extrapolating the audit office's report's 13 percent rise in local government debt across the entire country, Moody's Investors Service estimates the direct and guaranteed debt of local governments could have been 12.1 trillion yuan at the end of 2012.

"However, such an estimate assumes the remaining jurisdictions not included in the NAO report had a similar rate of debt accumulation, which we do not know for sure was the case," said Debra Roane, vice-president and senior credit officer of the sovereign risk group with Moody's.

Selected local governments in the new report comprise 15 provinces and the 15 provincial capital cities, as well as three municipalities and three districts.

Some Chinese officials have also made their estimates: Dong Dasheng, deputy minister of the National Audit Office, said in May the latest debt scale for governments at all levels was between 15 to 18 trillion yuan, while Xiang Huaicheng, a former finance minister, said in April China's local governments might have already borrowed more than 20 trillion yuan.

"I personally agree with former minister Xiang's estimate of 20 trillion yuan stock in local debts," said Zhao Quanhou, head of financial research with the Fiscal Science Research Center at the Ministry of Finance.

Zhao said the figure might vary because of different statistics criteria. Xiang's estimate has taken into consideration all the off-balance sheet financings of local authorities.

China's local governments are not allowed to borrow directly so a series of government-guaranteed investment companies — known as local government financing vehicles — have been established to handle the issue.

However, Zhao said because the central government tightened regulation of the financing vehicles last year, other State-owned enterprises under the supervision of local State-owned assets watchdogs were also asked to raise money on behalf of local authorities. However, such borrowings would not appear on local government balance sheets.

Previous Page 1 2 Next Page

 
8.03K
 
...
主站蜘蛛池模板: 欧美一级毛片免费看视频 | 久久精品中文字幕一区 | 国产一区在线观看免费 | 欧美一级淫片a免费播放口aaa | 一区二区三区在线播放视频 | 国产精品嘿咻嘿咻在线播放 | 日本免费高清一区 | 91影视做在线观看免费 | 国产日韩欧美一区二区三区综合 | 中文字幕在线乱码不卡区区 | 精品免费久久久久欧美亚一区 | 免费99热在线观看 | 永久黄网站色视频免费网站 | 亚洲逼 | 一级做a爱片特黄在线观看免费看 | 国产在线极品 | 国产色a在线观看 | 亚洲一级毛片免费观看 | 日韩色视频一区二区三区亚洲 | 成人公开免费视频 | 色成人亚洲| 久久久网站 | 欧美一级va在线视频免费播放 | 国产精品中文 | 中文字幕日韩一区二区不卡 | a一级毛片 | 露脸 在线 国产 眼镜 | 国产精品久久久久激情影院 | 久久久精品成人免费看 | 亚洲欧美综合网 | 欧美久久久久久久一区二区三区 | 男女性男女刺激大片免费观看 | 久免费视频 | 51国产偷自视频区视频手机播器 | 久久久久久久一线毛片 | 日韩一区二区三区在线播放 | 免费中文字幕在线 | 国产高清自拍一区 | 一二三中文乱码亚洲乱码 | 色综合久久久久 | 黄色美女网站免费看 |