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
Business
Home / Business / Finance

New steps set to halt debt surge

By Chen Jia | China Daily | Updated: 2018-08-29 09:19
Share
Share - WeChat
Chinese policymakers need to find new financing methods to lift infrastructure investment to an "ideal" growth rate of higher than 6 percent this year, but without a surge in local government debt. [Photo/VCG]

Policymakers consider more measures to shore up growth

Chinese policymakers need to find new financing methods to lift infrastructure investment to an "ideal" growth rate of higher than 6 percent this year, but without a surge in local government debt, according to economists.

A possible option is that the central bank could continually inject liquidity to policy and commercial banks, through targeted monetary easing, and encourage their purchase of treasury bonds issued by the central government, said some policy advisors.

The central government could establish some new national equity funds to inject capital into infrastructure projects. As State-owned institutions would become shareholders, instead of creditors, the local governments' debt level could be controlled, said Ming Ming, chief fixed-income analyst at CITIC Securities.

It is also possible that the central bank could directly purchase treasury bonds, as an efficient way to ensure an adequate base money and liquidity, said an expert close to the central bank, who declined to be named. But the monetary authority should evaluate cautiously "when will be the best time", she added.

Infrastructure investment, which usually accounts for about 20 percent of the nation's total fixed-asset investment (including manufacturing and property investment), is seen as an instant and direct driving force to prevent sharp economic cooling. The investment is usually led by local governments, through expanding debt.

But this time, "a credit-fuelled infrastructure-driven stimulus is unlikely as the authorities are still committed to containing financial risks," said Becky Han, associate director of the corporates department at Fitch Ratings.

"This should avoid further significant increases in leverage and pressure on credit profiles at local government financing vehicles and State-owned enterprises", said Han.

Ming from CITIC Securities said increasing the central government's treasury bonds issuance or expanding the central bank's assets was the most likely way to ease debt risks.

The country's infrastructure investment growth dropped to 5.7 percent year-on-year in the first seven months of this year, the slowest rate since 2012. It was 20.9 percent during the same period last year.

To stabilize the overall economy, the rate is expected to bounce back close to the annual GDP rate at around 6.8 percent or achieve total investment of nearly 15 trillion yuan ($2.2 trillion) this year, said Zhang Bin, a researcher with the Chinese Academy of Social Sciences.

It means more than 7.4 trillion yuan needs to be invested from August to December, compared with 7.6 trillion yuan in the first seven months.

A meeting of the State Council Financial Stability and Development Commission, chaired by Vice-Premier Liu He on Aug 3, mentioned the better use of treasury bonds as a policy tool to achieve proactive fiscal policy.

The People's Bank of China, the central bank, wrote in a column in its second quarter monetary policy report that its balance sheet had actually expanded, and liquidity is at a reasonable and adequate level. Some monetary policy operations have been taken, including cutting the reserve requirement ratio, the Medium-term Lending Facility, and open market operations.

The Ministry of Finance, with 20 financial institutions, jointly established the 66.1 billion yuan National Financing Guarantee Fund in July, to conduct the financing guarantee business in the form of equity investment and re-guarantee to mainly support micro and small-sized enterprises.

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
CLOSE
 
主站蜘蛛池模板: 欧美在线观看a | 午夜日韩 | 久久久激情视频 | 日本黄色免费片 | 亚洲第一激情 | 久草精品在线 | 牛和人交videos欧美冫3d | av免费在线观看国产 | 午夜资源| 久草福利在线视频 | 另类国产ts人妖高潮系列视频 | 91文字幕巨乱亚洲香蕉 | 日本精品久久无码影院 | 日本精品人妻无码免费大全 | 黄色片快播 | 9久久99久久久精品齐齐综合色圆 | 永久精品 | 欧美色综合天天久久综合精品 | 亚洲日本国产 | 国产一码二码免费观看 | 黄色片特级 | 性高跟鞋xxxxhd4kvideos | 狠狠操狠狠搞 | 国产高清在线看 | 91中文字幕在线观看 | 国产精品每日更新 | 精品欧美乱码久久久久久1区2区 | 九九色综合 | 国产精品美女久久久久久久久久久 | 精品一区二区国语对白 | 欧洲一级鲁丝片免费 | 久久综合五月开心婷婷深深爱 | 久久久国产精品网站 | 亚洲精品人人 | 免费观看一级毛片 | 青娱乐伊人 | 国产一区二区视频在线观看 | 激情综合五月亚洲婷婷 | 亚洲精品午夜国产va久久成人 | 久久免费精品视频 | 4hu网站|