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: 一级毛片 在线播放 | 三级毛片子 | 国产精品久久久久久福利漫画 | 精品外国呦系列在线观看 | 国内久久精品 | 欧美日本一区视频免费 | 国产精品亚洲一区二区三区在线观看 | 欧美精品三级在线 | 成人免费ā片 | 亚洲精品视频在线观看免费 | 在线成人aa在线看片 | 美女扒开腿让男人桶尿口 | 青青青免费手机版视频在线观看 | 日韩免费一区二区三区 | 欧美高清性色生活片免费观看 | 国产成人最新毛片基地 | 香蕉久久国产 | 亚洲精品国产拍拍拍拍拍 | 瑟瑟网站在线观看 | 国产精品亚洲玖玖玖在线靠爱 | 一级全黄视频 | 国产a级精品特黄毛片 | 久久综合狠狠综合久久综合88 | 亚洲你我色 | 欧美一级黄色毛片 | 国产成人亚洲精品无广告 | 欧美日韩一区二区视频图片 | 亚洲欧洲国产视频 | 国产黄色一级毛片 | 成人毛片视频免费网站观看 | 四虎免费大片aⅴ入口 | 日本私人色多多 | 午夜爱爱毛片xxxx视频免费看 | 午夜爽爽性刺激一区二区视频 | 窝窝午夜看片七次郎青草视频 | 黄色片日本人 | 91精品国产91久久久久青草 | 12一15女人a毛片 | 国产成人综合在线视频 | 免费又黄又爽视频 | 在线免费一级片 |