久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / Economy

Debt hangover to give nation the budget blues

By Zheng Yangpeng (China Daily) Updated: 2015-03-26 08:00

Some worry, however, that a disruption in local government financing could trigger a "fiscal cliff". That phase came into circulation in 2012 in the United States, when many analysts warned that the combination of spending cuts and tax increases would trigger a recession.

The situation is not quite the same in China, because there are no tax hikes accompanying the effort to curb local debt and spending. But the fears of disruption are not groundless, either.

Steps taken last year underscored the central government's determination to tackle the thorny problem of local government debt, but observers are grappling with the implications of these moves.

In a landmark document issued on Oct 2, the State Council clarified for the first time that LGFVs can no longer raise funds for local authorities, and those local governments have no obligation to repay debt that was not raised to fund public projects.

A few days later, the Ministry of Finance issued a guideline on dealing with the outstanding debts. Local governments were ordered to classify their debts by Jan 5 into two categories: those that were to be included in their fiscal budgets and those that LGFVs were to resolve on their own.

"Outstanding local government debts will be cleaned up, reported and locked up. Once identified as government debts, they will be covered by the governments' budget management, repaid by corresponding budget income or gradually substituted by local government bonds," said Vincent Chan, an analyst with Credit Suisse.

Chan agreed that it is appropriate to defuse the risk of a debt crisis, but he said he was not sure how the nation could "ensure a smooth transition from current to new channels".

Li Yan, an analyst at China Chengxin International Credit Rating Co Ltd, said: "The current quota of local municipal bonds (400 billion yuan in 2014) is far from covering local governments' financing needs."

It is hard to imagine that the financing function of LGFVs can be covered with such one-off measures.

"There must be a transition period where the old system and new channels coexist," Li added.

The government envisions bridging that gap by issuing more municipal bonds and "special-purpose bonds", and inviting private capital to participate through public-private partnerships.

But those initiatives will take time to develop. Meanwhile, local governments need to repay debt from their fiscal revenue, which will constrain their expenditures. It is not quite a "fiscal cliff", but it could have a similar impact.

Analysts said that bolder initiatives are needed.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    亚洲成在线观看| 天使萌一区二区三区免费观看| 成人国产一区二区三区精品| 国产精品久久三区| 91在线免费视频观看| 亚洲综合激情小说| 日韩欧美中文字幕公布| 国产一区激情在线| 国产精品久久久久久久久免费樱桃| 91在线国内视频| 日韩在线播放一区二区| 久久综合九色综合97婷婷| av资源网一区| 亚洲成av人影院在线观看网| 日韩欧美在线网站| 成人黄页在线观看| 香蕉成人啪国产精品视频综合网| 精品久久久久久久人人人人传媒| 成人一区二区三区视频在线观看| 亚洲美女免费在线| 日韩欧美一级在线播放| 不卡视频免费播放| 天天亚洲美女在线视频| 国产日韩精品一区| 欧美三级一区二区| 国产在线一区二区综合免费视频| 亚洲欧美日韩综合aⅴ视频| 欧美日本在线看| 国产精品一区二区久激情瑜伽 | av中文字幕亚洲| 日日骚欧美日韩| 欧美国产一区在线| 91麻豆精品国产91久久久使用方法 | 99精品热视频| 免费黄网站欧美| 亚洲欧美在线另类| 日韩一区二区三区三四区视频在线观看| 丁香六月综合激情| 日韩av高清在线观看| 国产精品免费观看视频| 日韩一区二区电影网| 91色在线porny| 韩国午夜理伦三级不卡影院| 一区二区三区鲁丝不卡| 久久亚洲免费视频| 欧美日韩另类一区| av不卡一区二区三区| 看电影不卡的网站| 亚洲一区二区三区视频在线播放 | 综合av第一页| 精品盗摄一区二区三区| 欧美性xxxxx极品少妇| 国产91丝袜在线18| 男女激情视频一区| 中文字幕免费在线观看视频一区| 欧美一区二区三区性视频| 91论坛在线播放| 国产成人在线看| 久久精品国产网站| 亚洲成a天堂v人片| 亚洲精品国产一区二区精华液| 国产欧美一区二区三区在线老狼| 91精品欧美福利在线观看| 色视频一区二区| 成人久久视频在线观看| 国产一区二区三区精品欧美日韩一区二区三区 | 99视频精品全部免费在线| 91精品国产综合久久婷婷香蕉| 亚洲综合激情另类小说区| 久久人人超碰精品| 欧美精品在线视频| 色狠狠综合天天综合综合| 国产精品资源在线观看| 另类调教123区| 午夜精品免费在线观看| 亚洲精品五月天| 亚洲欧洲国产日本综合| 欧美韩国日本一区| 国产天堂亚洲国产碰碰| 精品国产乱码久久久久久影片| 在线观看91精品国产麻豆| 欧美性猛片xxxx免费看久爱| 色婷婷亚洲一区二区三区| 波多野结衣中文字幕一区| 韩国精品主播一区二区在线观看| 蜜桃在线一区二区三区| 日韩福利视频网| 爽好久久久欧美精品| 午夜伊人狠狠久久| 亚洲成人1区2区| 香港成人在线视频| 婷婷夜色潮精品综合在线| 亚洲成人av在线电影| 亚洲成人中文在线| 亚洲成人综合视频| 婷婷综合久久一区二区三区| 日韩国产精品久久| 奇米影视一区二区三区| 日韩电影免费在线| 免费高清在线一区| 久久国产乱子精品免费女| 久久精品国产77777蜜臀| 另类综合日韩欧美亚洲| 久久99精品国产.久久久久久| 久久91精品国产91久久小草| 九一久久久久久| 国产酒店精品激情| 国产99久久久久| 99免费精品在线| 欧美综合视频在线观看| 欧美色男人天堂| 欧美精品aⅴ在线视频| 欧美一级xxx| 久久午夜色播影院免费高清| 久久久三级国产网站| 中文字幕不卡在线观看| 综合激情网...| 亚洲国产aⅴ成人精品无吗| 亚洲3atv精品一区二区三区| 日韩二区三区在线观看| 韩国精品主播一区二区在线观看 | 99re视频这里只有精品| 丁香婷婷综合激情五月色| 成人性生交大片免费看中文 | 午夜精品123| 久久国产尿小便嘘嘘| 国产成人精品亚洲777人妖| thepron国产精品| 在线观看亚洲成人| 91精品一区二区三区在线观看| 精品国产3级a| 国产精品热久久久久夜色精品三区| 亚洲欧美日本韩国| 日本中文在线一区| 国产一区二区主播在线| 成人丝袜18视频在线观看| 色欧美日韩亚洲| 日韩欧美色电影| 国产精品三级av在线播放| 亚洲综合色在线| 麻豆一区二区三区| 成人黄色在线视频| 欧美日韩精品欧美日韩精品 | 麻豆成人91精品二区三区| 国产成人免费视| 欧美性三三影院| 2020国产精品自拍| 亚洲欧美另类小说| 日韩av不卡一区二区| 国产一区二区伦理| 在线免费观看日韩欧美| 日韩欧美亚洲国产另类| 成人欧美一区二区三区小说| 日本va欧美va瓶| 国产成人av电影在线观看| 欧美在线观看一区| 久久久五月婷婷| 亚洲成av人**亚洲成av**| 国产成人自拍网| 欧美另类一区二区三区| 欧美激情在线看| 日本一区中文字幕| 91年精品国产| 精品国产一区二区亚洲人成毛片| 亚洲精品欧美专区| 国内精品国产三级国产a久久| 日本韩国欧美在线| 国产午夜亚洲精品不卡| 午夜精品一区在线观看| proumb性欧美在线观看| 欧美成人三级在线| 亚洲一卡二卡三卡四卡| 国产精品2024| 51精品国自产在线| 亚洲免费在线观看| 国产一区二区三区高清播放| 欧美日韩综合一区| 一区精品在线播放| 狠狠色综合播放一区二区| 欧美日韩在线综合| 国产精品亲子伦对白| 精品综合免费视频观看| 欧美性三三影院| 日韩毛片精品高清免费| 国产一区二区精品久久91| 欧美日韩aaa| 亚洲激情一二三区| 成人高清免费观看| 精品国产免费视频| 日韩国产在线一| 欧美影视一区二区三区| 中文字幕亚洲一区二区va在线| 紧缚奴在线一区二区三区| 777欧美精品| 亚洲国产视频一区二区| 99久久免费视频.com| 国产亚洲欧美中文| 久久99久久99精品免视看婷婷| 欧美区一区二区三区| 一区二区三区**美女毛片|