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By Wang Yang, Research Institute of Finance, DRC

Research Report No.135 2016 (Total 5018) 2016-09-29

Abstract: According to research findings and the released information of financing platforms, the financial strain of local financing platforms has been relieved, and their debt risks have decreased; the financing channels have been broadened and the costs have been reduced whereas the transformation is slow, and there is a sign of division between financing platforms. Bond-for-debt swap has played a role in keeping the financing performance in line with standards and closing relevant loopholes, as well as regulating financing to help with local economic development and reducing debt risks. But it should be noted that transferring debt leverage only results in short-term reduction in debt risks, and there is a relatively large room for discretionary policies relating to the identification and swap of governmental debts, and relevant regulations have not been put in place. It is suggested that after bond-for-debt has made some initial progress, local debt management and financing platform reform should be further pushed forward; the statistical data and classified management of financing platform debts should be enhanced, and the assets and liabilities of financing platforms should be supervised through auditing; the reform of management system and market-oriented transformation of financing platforms should be accelerated, and efforts should be made to carry out mergers and reorganizations of financing platform companies on a case-by-case basis; debt risks should be properly handled on the basis of market-based reform of financing platform companies; fund-raising of financing platform companies should be regulated based on market-oriented pricing.

Key words: local financing platforms, debt risks, transformation