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

China's direct govt debt risks controllable

Updated: 2013-12-31 10:47
( Xinhua)

Risk controllable

Risks of government debt are generally controllable, but there are some risks in some places, the NAO statement said.

Over the past year or so, the market has been worried by China's rising debt burden and leverage, and there had been no official update since 2011, when the NAO put local government debt around 10.7 trillion yuan at end of 2010.

Local government debt exploded during the investment and construction binge that was part and parcel of a stimulus in 2008 to buffer against the global financial crisis.

The NAO said central authorities took the problem of government debt very seriously, and governments at various levels had made some progress in paying back some debt and regulating local government financing vehicles.

A huge number of debt-financed projects have not generated any cash flow. Local government debt has become a major threat to financial stability.

Resolving risk associated with local government debt was a main theme of the four-day Central Economic Work Conference which ended on December 13. The conference traditionally sets the tone for following year's economic policy.

Lu Ting, chief China economist with Bank of America Merrill Lynch, maintains China won't face an imminent debt crisis for five reasons - a very low debt-to-GDP ratio at 21 percent for China's central government, almost all government debt denominated in the Chinese currency Renminbi, huge national savings and quite large good assets owned by governments at various levels.

In addition, China still has high economic growth and fiscal revenue growth despite the slowdown, he said.

Lu, however, warned of a number of rising issues.

Growth of debt has been significantly higher than economic growth in the past two years.

Public debt is dominated by local government debt with significant duration mismatches.

China's 111 percent corporate debt-to-GDP ratio is higher than many other developed economies, due mainly to the weak equity capital market which cannot raise enough capital to support growth.

To solve the problems, Lu suggested China should deleverage its local governments while leveraging up the central government, and should try to replace local government short-term bank and trust loans with longer bonds.

"To maintain both economic growth and financial stability, China should avoid simplistic deleveraging and debt reduction," he added.

Previous Page 1 2 Next Page

 
8.03K
 
...
主站蜘蛛池模板: 女同日韩互慰互摸在线观看 | 美国毛片毛片全部免费 | 欧美精品一区二区在线观看播放 | 国产91丝袜美腿在线观看 | 日产国产精品亚洲系列 | 久草在线视频精品 | 国产极品精频在线观看 | 久久成年人 | 一级做a爰片欧美一区 | 免费观看大片毛片 | 日本韩国三级在线 | 女人aaaaa片一级一毛片 | 亚洲国产一区二区三区在线观看 | 日韩三级视频在线观看 | 欧美午夜精品久久久久久黑人 | 一级片网站在线观看 | 亚洲三级在线免费观看 | 亚洲视频在线一区 | 成年片美女福利视频在线 | 在线一区二区三区 | 玖草视频在线 | 久久精品一区二区免费看 | 欧美性色黄大片一级毛片视频 | 玖玖国产在线观看 | 欧洲freexxxx性| 精品欧美成人bd高清在线观看 | 特级一级毛片免费看 | 日韩 欧美 自拍 | 久久一| 成年女人aaaaa毛片 | 久久国产成人亚洲精品影院老金 | 一级一片免费播放 | 国产精品毛片天天看片 | 夜色视频一区二区三区 | 97视频免费播放观看在线视频 | 精品中文字幕不卡在线视频 | 热久久伊人 | 国产精品99久久久久久www | 欧美精品午夜久久久伊人 | 波多野结衣在线免费视频 | 一级女性全黄久久生活片 |