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

Biz
Local govt debt could trigger financial crisis
2010-Jun-24 09:46:31

BEIJING - The nation's chief auditor warned on Wednesday that local government debt will pose risks to the Chinese economy amid concerns that the debt could trigger a European-style financial crisis.

The ratio of debt to disposable revenues at some local governments has exceeded 100 percent, with the highest standing at 365 percent.

"The scale is large, and the burden is quite heavy," Liu Jiayi, director of the National Audit Office, said while making an annual audit report to the top legislature.

Liu came to the conclusion after an audit of the nation's budgets. Debt repayment pressure for some local governments is quite heavy, with the total public debt of 18 audited provinces, 16 cities and 36 counties amounting to 2.79 trillion yuan ($410 billion), he said.

Among those debts, 1.75 trillion yuan was accumulated before 2009, while 1.04 trillion yuan is new, accounting for about 37 percent of the total, he said.

China launched a $586 billion economic stimulus package in late 2008, and local governments have also stepped up investment to bolster the national economy amid the global financial crisis.

They generally make the investments using money pooled through the local financing units, which are intermediary companies through which the government borrows money.

The pro-active approach, however, has also led to problems such as local debt.

The local government debt could total between 6 and 11 trillion yuan for the nation as a whole, according to various estimates by researchers.

The overall risk is controllable since China's ratio of overall public debt to its GDP is much lower than that of other major developed countries, said Jia Kang, director of the Institute of Fiscal Science Research under the Ministry of Finance.

But as the European debt crisis has triggered serious social and economic problems, policymakers are paying more attention to the problem of local government debt.

The State Council issued a document on June 13, demanding stricter regulation of local debt to keep it under control.

Relevant departments are studying methods to improve the management of local government debt, Liu said.

"New government debt must be strictly controlled to prevent financial risk evolving into fiscal risk," he said.

Liu also said that 96 percent of local government debt has been used to support the development of societal needs, such as public transportation and construction of public facilities.

Gao Qiang, director of the budgetary affairs commission of the National People's Congress (NPC) Standing Committee, said that information regarding local government debt should be reported to the NPC committee and the local financing units should be regulated and streamlined. An information disclosure system should also be put in place to prevent fiscal risks, he said at Wednesday's NPC meeting.

 

[Jump to ]
Nation | Biz | Comment | World | Celebrity | Odds | Sports | Travel | Health
ChinaDaily Mobile News
m.chinadaily.com.cn
To subscribe to China Daily, call 010-64918763 or email to circu@chinadaily.com.cn
主站蜘蛛池模板: 日本三级香港三级少妇 | 中文字幕日韩精品亚洲七区 | 国产大片中文字幕在线观看 | 九九99九九在线精品视频 | 久草网首页| 97国产在线视频公开免费 | 免费观看欧美精品成人毛片 | 国产欧美日韩综合二区三区 | 欧美成人一级 | 在线观看精品视频一区二区三区 | 手机看片久久国产免费不卡 | 日本一级毛片视频无遮挡免费 | 日韩在线中文 | 成人久久在线 | 国产福利拍拍拍 | 91国偷自产一区二区三区 | 免费欧洲毛片a级视频无风险 | 久久在线免费观看 | 久久网站免费观看 | 亚洲成人黄色在线 | 欧美成人aaa大片 | 欧美成人精品动漫在线专区 | 成人免费观看永久24小时 | pgone太大了兽王免费视频 | 成人免费网站视频www | 中国老太卖淫播放毛片 | 久久成人国产 | 在线观看亚洲精品专区 | 香蕉久久夜色精品国产 | 国产一区二区三区四区在线 | 一本色道久久综合 | 久草视频在线首页 | 日韩视频国产 | 大量真实偷拍情侣视频野战 | 131的美女午夜爱爱爽爽视频 | 中文字幕有码在线 | 色综合久久久 | 久香草视频在线观看 | 天天干亚洲 | 免费一级毛片在线播放视频 | 国产精品亚洲玖玖玖在线靠爱 |