Local debts controllable amid tightening regulations

Updated: 2011-09-12 10:52

(Xinhua)

  Comments() Print Mail Large Medium  Small 分享按鈕 0

BEIJING - Senior Chinese officials from the nation's central government departments said that debt risks facing local governments are controllable as regulations are increasingly tightening to prevent such risks.

According to the country's top auditing authority, the debts of local governments stood at a little more than 10.7 trillion yuan ($1.67 billion) at the end of last year.

Audit results also showed that local governments' foreign debt ratio stood at 70.47 percent, lower than the 100 percent warning line. The ratio, based on external debt and export income, is a major measure of foreign debt risks.

Meanwhile, the debt-to-GDP (Gross Domestic Product) ratio covering both the central and local governments was less than 50 percent, which was far lower than that of the world's major economies currently mired in debt crises, said Xu Lin, the director of the fiscal and finance department of the National Development and Reform Commission (NDRC), the country's top economic planning body.

According to the nation's statistics bureau, China's GDP rose 9.6 percent year-on-year to reach 20.446 trillion yuan ($3.2 trillion) in the first half of this year, while fiscal revenue surged 30.5 percent from a year earlier to 6.67 trillion yuan in the first seven months.

Xu also said that the likelihood of debt defaults by local governments was low.

His remarks were validated by tighter regulations, or at least the central government's awareness of a need to act in order to prevent debt from getting out of hand.

In June, officials made proposals to the Standing Committee of the National People's Congress, the country's top legislative body, that relevant laws and regulations be clarified regarding the management of the local government financing vehicles (LGFV) and the establishment of a mechanism for risk-warning and debt repayment.

The Chinese Academy of Social Sciences and the Ministry of Finance in July jointly released a report which pointed out that the debts of local governments are a long-term threat considering the hidden debts of the economies of China and other developing countries are large.

The report also warned of spreading sovereign debt crises which have become serious problems for Europe, the United States, and Japan.

The alert caught the attention of Premier Wen Jiabao, who chaired a meeting in July and ordered local governments to come up with measures to contain debt risks.

"Actually, since last year, only the top 100 counties in terms of fiscal revenue can apply for issuing bonds through LGFVs," Xu said.

Meanwhile, a local government is not allowed to sell such bonds if its debt exceeds 100 percent of its total fiscal revenues, said Xu.

"These strict regulations rendered many LGFVs unable to issue bonds, and this will help reduce risks," Xu said.

An official with the Ministry of Finance said the ministry will speed up studies on plans to set up a risk warning system for local government debt and include local government debt in budget management.

The country's banking regulator also said it will order banks to strictly control new lending, step up control over land-mortgage loans, and carry out cooperations with local governments in a "prudent" manner.

主站蜘蛛池模板: 国模私拍福利一区二区| 久久99国产这里有精品视| 特级毛片a级毛片在线播放www | www.天天色| 无敌影视手机在线观看高清 | 人人揉人人爽五月天视频| 国精品无码一区二区三区在线蜜臀| 一级女性全黄生活片免费看| 日本午夜精品一区二区三区电影 | 色婷婷综合久久久久中文一区二区| 国产男女无遮挡猛进猛出| a毛片a毛片a视频| 成人免费看吃奶视频网站| 久久亚洲欧美国产精品| 曰本一区二区三区| 亚洲午夜无码久久| 高清国产激情视频在线观看| 欧美波霸影院在线观看| 午夜dy888| 色吊丝免费观看网站| 国产剧情jvid在线观看| 成人免费小视频| 国产激情自拍视频| 香蕉伊思人在线精品| 国产裸模视频免费区无码| 99久久香蕉国产线看观香| 天天综合色天天桴色| 一区二区三区在线|欧| 成人年无码AV片在线观看| 中文精品久久久久国产网址| 日本三级在线视频| 久久国产欧美另类久久久| 日韩精品人妻系列无码专区免费 | 久久久久777777人人人视频| 国产精品成人无码免费| 亚欧在线精品免费观看一区| 香港经典aa毛片免费观看变态| 国产日产在线观看| 日本免费www| 国产男女猛烈无遮挡免费网站| jizz之18|