Home>News Center>China
       
 

Local authorities warned about rising debts
By Fu Jing (China Daily)
Updated: 2006-02-10 05:30

The World Bank has called for proper management of China's hefty local government debt.

Experts believe the figure stands at more than 1 trillion yuan (US$125 billion), or 10 per cent of China's gross domestic product.

Since there is no law to regulate local governments' borrowing, the organization has suggested drafting relevant regulations to tackle the problem.

"It's a sensible policy choice, as is establishing a new legal framework for local borrowing, though this is a complex task," the World Bank said in a quarterly report on China's economy yesterday.

Local governments are responsible for about 70 per cent of total government expenditure, including health, education and social security.

"The debt has been formed mainly because of mismatches for years between expenditure assignments and revenues of local governments," said Bert Hofman, a lead economist for the World Bank.

Policy insiders said the central government has no plans to write-off the debt, which is believed to be more than 1 trillion yuan.

"As far as I know, the Ministry of Finance has been firmly opposed to writing off the debt but it has agreed to render more financial support to grass roots government," said Jiang Zhongyi, a senior researcher at the Ministry of Agriculture.

Jiang said new debt has been formed in some local governments as the central or provincial governments did not transfer enough cash to support local social undertakings.

He said complaints have been "mounting" in some counties, as civil servants were being unpaid or under-paid since the government scrapped agricultural taxes nationwide.

The World Bank said a range of reform was necessary to manage current debts and risks, and prevent new ones forming.

A research team with the National Development and Reform Commission also warned of the financial risks brought by heavy borrowing.

The team suggested more financial support from the central government to meet the local governments' needs in education, medical care and social security.

(China Daily 02/10/2006 page2)



Job fair in Shandong
Lotus flower-shaped lanterns usher in Lantern Festival
Embracing Valentine's Day around world
  Today's Top News     Top China News
 

World Bank: Strong exports to spur growth

 

   
 

Gov't bureaux remain overstaffed, claims poll

 

   
 

Police apologize for discriminatory banners

 

   
 

Water environment boost before 2008 Games

 

   
 

Japanese sue gov't over history textbook

 

   
 

European papers benefit in cartoon uproar

 

   
  Police apologize for discriminatory banners
   
  China urges S. Africa to crack cases of armed robbery
   
  Water environment boost before 2008 Games
   
  Gov't bureaux remain overstaffed, claims poll
   
  Local authorities warned about rising debts
   
  Spending on R&D gets boost
   
 
  Go to Another Section  
 
 
  Story Tools  
   
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 国产乱人伦偷精品视频| 性久久久久久久| 亚洲欧美电影在线一区二区| 美国发布站精品视频| 国产成人av在线免播放观看| 深夜福利视频导航| 在线观看亚洲成人| 一个人晚上睡不着看b站大全| 无遮挡边吃摸边吃奶边做| 久久综合久综合久久鬼色| 欧美伦理三级在线播放影院| 亚洲精品视频区| 精品1州区2区3区4区产品乱码| 四虎影视在线影院www| 国产av人人夜夜澡人人爽麻豆| 永久黄网站色视频免费| 国产午夜精品一区理论片| 18gay台湾男同亚洲男同| 天堂资源中文在线| 中国明星16xxxxhd| 日本一区二区三区在线观看| 久久综合第一页| 欧美国产成人精品一区二区三区| 亚洲综合精品伊人久久| 疯狂吃奶freesex| 变态调教视频国产九色| 色综合合久久天天给综看| 国产小视频在线播放| jlzzjlzz亚洲jzjzjz| 国产精品视频一区二区三区四| a级精品国产片在线观看| 孩交videos精品乱子豆奶视频| 中文字幕亚洲一区二区三区| 日产中文字乱码卡一卡二视频| 久久精品免费电影| 最新jizz欧美| 亚洲中文无码mv| 欧美三级韩国三级日本三斤 | 国产传媒在线播放| 黄色大片在线观看| 国产成人无码av片在线观看不卡 |