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 / Economy

Debt crisis looms for local governments

By ZHENG YANGPENG (China Daily) Updated: 2014-06-18 08:26

Dwindling revenue from land sales and slower fiscal revenue growth may hurt local governments' ability to repay outstanding debt, a leading Chinese credit ratings agency said on Tuesday.

Debt crisis looms for local governments
Debt crisis looms for local governments

Debt crisis looms for local governments

China Chengxin International Credit Rating Co Ltd, the Chinese unit of global ratings agency Moody's Investors Service, said in its report that the weakening property market poses the biggest threat for debt repayment, as land sales account for the bulk of the local governments' revenue.

Based on 2013 data, the ratings agency said property-related taxes and revenue from land sales accounted for 52 percent of the total revenue of local governments, after excluding the central government's transfer payment component. The ratio will be lower if

China's land transaction market has cooled following the recent downturn in the property market. In May, land sale revenues in 300 cities monitored by the China Index Academy, a Beijing-based real estate research institute, dropped 38 percent from a year ago.

What makes the going tough for local governments is their pre-determined plan to use the revenue from land sales for debt repayments. Different provinces have vowed different ratios of land sale revenue repayment. The average ratio was 37 percent in 2012 and it could be as high as 66 percent (in Zhejiang province).

Local governments are set to face huge debt repayment pressures, with over 4.24 trillion yuan ($678.8 billion) of outstanding debt, or 38.95 percent of the total debt, set to mature in 2014 and 2015.

An official survey last year indicated that direct debt and contingent liabilities of local governments stood at 17.9 trillion yuan by the end of June 2013. The repayment pressure was also amplified by the widening gap between local governments' revenue and expenditure growth.

During the first five months of this year, the fiscal revenue of local governments rose just 11.2 percent year-on-year, far lower than the level three years ago, when it expanded at a more than 30 percent rate.

Local governments are also under pressure to rev up their spending as a part of the effort to prop up economic growth. Local government expenditure soared 26.9 percent in May, a sharp acceleration from the 9.6 percent rise in the first four months, according to data released by the Ministry of Finance.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 日韩一区二区三区四区不卡 | 成人午夜私人影院入口 | 最新国产精品亚洲 | 国产后式a一视频 | 京野结衣免费一区二区 | 全部在线播放免费毛片 | 毛片手机在线视频免费观看 | 交性视频免费看 | 国产精品久久久久久久久久影院 | 成人影院在线免费观看 | 欧美一级一一特黄 | 免费精品久久久久久中文字幕 | 国产视频网站在线观看 | 久久久久久国产精品免费免 | 亚洲在线高清 | 性刺激久久久久久久久 | 亚洲天堂中文网 | 欧美成人艳星在线播放 | 日本高清在线不卡 | 最新69成人精品毛片 | 玖玖玖精品视频免费播放 | 国产一级毛片免 | 亚洲理论片在线中文字幕 | 国产一级毛片视频在线! | 亚洲精品久久一区影院 | a级片免费观看视频 | 成人性生片全套 | 亚洲精品一区二区三区在线播放 | 国产精品久久久久无码av | 国产精品在线播放 | 亚洲国产欧美自拍 | 久久久久久国产精品免费免 | 亚洲 欧美 手机 在线观看 | 日韩一区二区免费看 | 高清在线精品一区二区 | 人与拘一级a毛片 | 欧美一级视频免费 | 欧美一级高清片免费一级 | 高清黄色毛片 | 99久久99热精品免费观看国产 | 中文乱码一二三四有限公司 |