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

US EUROPE AFRICA ASIA 中文
Business / Policy Watch

16 trillion yuan debt ceiling set

By Zheng Yangpeng (China Daily) Updated: 2015-08-31 06:57

16 trillion yuan debt ceiling set

An employee counts renminbi (yuan) banknotes at a bank in Lianyungang city, East China's Jiangsu province, June 4, 2014.[Photo/IC]

Motion will keep borrowing within local governments' ability to repay

For the first time in China's modern history, the national legislature has introduced a "debt ceiling" for local government debt, setting it at 16 trillion yuan (more than $2.5 trillion) for this year.

This decision was made on Saturday when the National People's Congress Standing Committee approved a motion proposed by the State Council, or Cabinet.

Observers say this may be the first move by the central government to set a quota system for the debt that is allowed for the governments of all provinces, municipalities and autonomous regions.

China's new Budget Law, which took effect this year, also allows local governments to raise part of their funds for development purposes through the issuance of local bonds. But the size of such issuances is subject to NPC approval.

According to Lou Jiwei, the minister of finance, the NPC's decision makes clear that local debts can never exceed 100 percent of a local economy's wealth-generating capability-as measured by their fiscal revenue.

It also clarifies that a high-risk warning is warranted once local debts range between 80 percent and 120 percent of local fiscal revenues.

Lou estimated that with a total debt of 16 trillion yuan, China's local debt ratio would hover around 86 percent, or a high-risk level, at the end of the year.

But Bai Jingming, a researcher at the Ministry of Finance, said such a degree of risk is still largely manageable, although some local governments would inevitably face more difficulties than others.

Liu Jianwen, a professor of finance and law at Peking University, said managing the recent runaway local government debt is one important task for China's ongoing economic transition. The quota system will force local governments to become more responsible for their spending and fundraising activities.

Of the 16 trillion yuan local debt, 15.4 trillion yuan is debts that local governments will have to take full responsibility for repaying, according to a survey at the end of last year by the National Development and Reform Commission, the People's Bank of China and the China Banking Regulatory Commission.

In comparison with a survey in late June 2013, the figure has increased by more than 40 percent.

Wang Dehua, an economist at the Chinese Academy of Social Sciences, said such a high increase in local debts is due to the introduction of a large number of major public infrastructure projects by local governments.

As for housing development borrowing by companies with ties to local officials, the State Council has already made it clear that local governments are responsible for their debts.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 精品久久久久久 | 无遮挡一级毛片私人影院 | 日韩精品www | 成人免费大片a毛片 | 国产美女久久 | 狠狠色狠狠色综合日日92 | 国产无线乱码一区二三区 | 国产美女高潮 | 桃色网站入口 | a成人 | 国产成人综合网在线观看 | 国产99久| 午夜免费 | 污视频网站免费看 | 欧美成人免费高清网站 | 成人国产精品免费视频不卡 | 免费v片| 色天天影视 | 午夜手机电影 | 国产婷婷色一区二区三区在线 | 黄色大片在线播放 | 日韩一二三区 | 91精品在线看 | 国产人成精品 | 91精品国产综合久久久久久 | 欧美无遮挡一区二区三区 | 又大又粗进出白浆直流动态图 | 大伊香蕉在线观看视频 wap | 狠狠操操| 秋霞理论在线视频 | 香港三级日本三级人妇网站 | 亚洲精品在线视频观看 | 欧美人成片免费看视频不卡 | 亚州a | 欧美三级中文字幕hd | 亚洲午夜无码毛片AV久久 | 国产欧美日韩精品a在线观看高清 | 日本夜爽爽一区二区三区 | 一级成人 | 久久久亚洲欧洲日产国码606 | 久久精品人人做人人看最新章 |