日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
China
Home / China / National affairs

Finance minister outlines plans for control of local debt

By Chen Jia | China Daily | Updated: 2018-08-29 09:16
Share
Share - WeChat
[Photo/VCG]

China will tighten control on local government debt, especially to curb risks arising from "hidden debt", to maintain financial stability, Finance Minister Liu Kun said on Tuesday.

The country will push forward the local government debt swap program - a way to repay the outstanding debt using money collected through issuing bonds. That will be the key measure to prevent an increase in hidden debt, experts said.

Liu made the remark at a meeting of the National People's Congress Standing Committee in Beijing while delivering a report on the government's budget enforcement. He said that in the next step, the country will speed the development of a "long-term supervision mechanism" on local government debt.

"All forms of borrowing and financing guarantees that violate the country's laws and regulations are strictly forbidden," he said, urging efforts to amend irregularities in government investment funds, public-private partnership programs and government procurement of services.

Local construction projects that have difficulty repaying loans should be constrained. Also, provincial-level governments will assume overall responsibility for debts incurred by local governments within their jurisdictions, the minister said in the report.

Sources had confirmed to China Daily earlier that a document on further inspection of hidden local government debt, particularly that incurred since 2015, would be released soon by the central authority.

The document is meant to push local governments to check the size of their off-budget debt and evaluate the quality of their debts and assets, said the sources.

Signals showed the policymakers' determination to crack down on financial risk, the priority of the "three tough battles" until 2020, said Qiao Baoyun, head of the Academy of Public Finance and Public Policy at the Central University of Finance and Economics. The other two tasks are reducing poverty and tackling pollution.

Market-oriented measures, including asset restructuring, bankruptcy liquidation and injecting private funds, are expected to transform local government financing vehicles, which involve off-budget financing, Qiao said.

In the past two quarters, due to tighter regulations imposed in late 2017, the country's total public-private partnerships' project value contracted by 6 percent to 17.2 trillion yuan ($2.53 trillion), according to global credit rating agency Fitch Ratings.

"The (central government's) intention to control public sector leverage remains unchanged," said Becky Han, associate director of the agency's corporate department. "As the authorities are still committed to containing financial risks, this should avoid further significant increases in leverage and pressure on credit profiles at local government financing vehicles and State-owned enterprises."

The Finance Ministry said further measures have been taken this year to curb local government hidden debt and off-budget fundraising activities. The measures included limiting financial institutions' lending to local governments and State-owned companies, as well as tightening corporate bond issuance.

Some illegal cases have been found and reported after inspections, and local government officials involved have been punished.

This year, the annual quota of local government debt was increased by 2.18 trillion yuan over last year. The increment is to ensure adequate financing for local governments' large public welfare projects, economists said.

In the first seven months, the country's fiscal revenue was 12.18 trillion yuan, up by 10 percent year-on-year. Of that, 10.77 trillion yuan was from tax income, increased by 14 percent from a year earlier, according to the budget enforcement report. The fiscal expense was 12.55 trillion yuan, up 7.3 percent year-year-on, 59.8 percent of the annual budget, it said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: a级欧美片免费观看 | 国产亚洲精品久久久久久久软件 | 日本免费不卡在线一区二区三区 | 亚洲乱码在线 | 日韩精品久久久久久久电影 | 成人在线免费视频观看 | 成人久久18免费软件 | 亚洲国产精品久久网午夜 | 久久这里精品 | 久久精品a一级国产免视看成人 | 女人a级毛片19毛水真多 | 一区二区三区毛A片特级 | 91麻豆国产极品在线观看洋子 | 久久精品国产欧美成人 | 日本高清不卡一区久久精品 | 国产亚洲久 | 欧美人两个人激情的免费视频 | 成人永久在线 | 亚洲91视频 | 国产精品免费视频网站 | 一区二区三区在线 | 日本 | 波多野吉衣在线观看 | 超级碰碰碰视频视频在线视频 | 国产黑丝在线播放 | 国产精品视频网 | 97精品国产高清在线看入口 | 国产亚洲精品精品国产亚洲综合 | 亚洲毛片网站 | h网站国产 | 日本三级在线 | 国产福利视频在线观看 | 国产免费观看视频 | 国产乱码一区二区三区四 | 麻豆网站入口 | 一97日本道伊人久久综合影院 | 动漫福利在线观看 | 免费看黄网 | 午夜剧场直接免费观看 | 午夜激情av | 亚洲经典激情春色另类 | 国产在线观看福利片 |