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

Make me your Homepage
left corner left corner
China Daily Website

Solutions needed for urbanization

Updated: 2014-01-27 08:14
By David Frey and Robert Ritacca ( China Daily)

Solutions needed for urbanization
[Photo / China Daily]

Giving local governments the right to sell bonds will help relieve debt burden and improve transparency

Although urbanization has been an essential ingredient in China's growth and development over the past 30 years, the transformation to a predominantly city-based nation brings with it societal ramifications and financial implications.

Most of the issues that confront China's urbanization process deal with financing costs and methodologies for sustainable economic development. Given China's economic model and history of centralized planning, one would expect the central government to play a key role in supporting local government budgets.

In reality, however, the central government has provided only limited financial support to local governments, leaving the job mostly to local government officials and the city leadership, for example. the Party secretary and mayor.

These leaders are responsible for managing the ongoing urbanization process in their city, identifying sources of capital and utilizing funds needed to pay for projects such as housing, schools, transportation links, hospitals, utilities and infrastructure.

At the same time, however, local officials have faced considerable constraints that have limited their funding options. The ability to generate funds from local taxation is one of them.

A large portion of taxes collected locally is sent to the central government, with only a small portion retained or redistributed at local levels. Further, although local governments can impose and collect fee-based income from businesses - such as pollution charges and betterment fees from developers, in recognition of the burden their projects impose on the public infrastructure - these fees are currently assessed at very low levels.

As a result, most funding for urbanization at the local level has come from two sources: debt from banks and land sales. Land sales are not actually sales of land, per se, because the government retains ownership of the land. City governments collect the funds directly from developers and use those revenues to build roads, schools and other municipal projects.

Although China is a large country, there are obvious drawbacks to such a system. For example, land can generally only be sold once (or at least infrequently - land leases are typically of 40 to 70 years in duration). In some eastern locations in China, where the development processes are more advanced, governments are already running low on land.

The second source is debt, which has to date primarily been through bank loans, and emerging measures such as the issuing of local bonds. Technically, Chinese local governments may not borrow directly from banks. Despite this limitation, many have found ways to access bank funding using municipal investment entities known as urban development investment corporations (UDICs). The popularity of taking on debt to fund local projects has been increasing in the last four years, because the central government in Beijing has maintained relatively loose monetary policies.

As many as 8,000 UDICs now exist. They account for between 80 to 90 percent of debt-funded urban infrastructure spending. Total local government debt is now approaching 20 trillion yuan ($3.3 trillion), and concerns have been raised over the sustainability of such debt levels and structures, with repayment timeframes often not well matched to the underlying asset.

Despite rapid urbanization in the past 30 years, China still has decades of urban construction and development ahead. The ability of China's cities to finance expanded public services and infrastructure for their growing populations have critical implications for the nation's economic growth and well-being.

If funding for China's urbanization is to be put on a more solid and sustainable footing, local governments need more (and more flexible) funding options and funding models.

The first option for additional funding could come from China's progressive bond program, which was recently expanded to include six local governments. The program began in 2011, with pilot programs involving governments from Shanghai, Shenzhen and the provinces of Zhejiang and Guangdong. In July 2013, Jiangsu and Shandong provinces were also added to the list. Under the program, bonds can be issued in three-year, five-year and 10-year durations.

Analysts believe that giving local governments the right to sell bonds will help relieve their debt burden and improve debt transparency. These moves also could be viewed as a gradual transition to a new model, in which local governments have more autonomy to decide on what funding methodology fits the need of the project, thus mitigating certain market risk factors.

A second option for additional funding of urbanization projects is the use of public-private partnerships. PPPs are not unknown in China. In fact, the Chinese government has been applying a PPP scheme known as build-operate-transfer on a large scale since the 1990s.

Under the build-operate-transfer model, the government grants a private company the right to build a project and allows it to operate it for a profit over an agreed period. After the period expires, the private entity transfers the project to the government. Thus, risk is removed from the local government and transferred to the private entity for an extended period of time, along with the potential reward of the project.

China's urbanization is a long-term phenomenon - a process only partially completed. What is changing now is that local governments may be increasingly motivated to seek out new ways to finance their physical expansion, because it appears that development through land sales may have peaked, while the continuing issuance of local debt through bank loans is not sustainable.

It is now likely that funding urbanization in China will witness a period of experimentation, marked by pilot programs and incremental expansion, as opposed to dramatic and sudden policy shifts.

David Frey is a partner of KPMG China. Robert Ritacca is research manager at Global China Practice of KPMG China. The views do not necessarily reflect those of China Daily.

 
8.03K
 
...
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

    欧美日韩一区不卡| 久久综合九色综合97婷婷女人| 亚洲电影视频在线| 欧美一级久久久| 国产黑丝在线一区二区三区| 亚洲欧美电影院| 欧美一区二区在线看| 国产精品一区在线观看乱码| 成人免费小视频| 制服.丝袜.亚洲.中文.综合| 国产主播一区二区三区| 一区在线观看免费| 欧美疯狂性受xxxxx喷水图片| 韩国欧美一区二区| 亚洲精品五月天| 日韩视频免费观看高清完整版| 国产91对白在线观看九色| 一区二区理论电影在线观看| 日韩三级电影网址| 91尤物视频在线观看| 青青草原综合久久大伊人精品优势| 国产日韩欧美高清| 欧美视频完全免费看| 激情图区综合网| 夜夜嗨av一区二区三区四季av| 日韩欧美电影一区| 91麻豆国产香蕉久久精品| 蜜桃一区二区三区四区| 中文字幕一区在线| 日韩欧美在线影院| 91老师片黄在线观看| 免费看欧美美女黄的网站| 国产精品三级久久久久三级| 在线不卡一区二区| 9i看片成人免费高清| 免费欧美在线视频| 亚洲精品欧美在线| 久久亚洲欧美国产精品乐播| 在线免费av一区| 国产精品一区不卡| 视频一区二区三区入口| 国产精品久久看| 日韩一区二区在线免费观看| 色哟哟国产精品免费观看| 九九精品视频在线看| 一区二区三区在线观看欧美| 久久久.com| 制服丝袜亚洲网站| 色婷婷久久99综合精品jk白丝| 紧缚奴在线一区二区三区| 亚洲一区二区高清| 国产精品福利一区二区三区| 日韩欧美亚洲国产另类| 欧美色图在线观看| 99久久久久免费精品国产| 国内精品伊人久久久久影院对白| 亚洲成a人在线观看| 中文字幕综合网| 国产性天天综合网| 日韩午夜电影在线观看| 欧美日韩不卡一区| 一本一道久久a久久精品| 国产成人av在线影院| 久久av中文字幕片| 日韩国产精品久久久久久亚洲| 亚洲靠逼com| 亚洲欧洲日韩女同| 中文字幕av资源一区| 久久综合视频网| 日韩精品一区二区三区在线播放| 欧美日本乱大交xxxxx| 91麻豆成人久久精品二区三区| 成人综合婷婷国产精品久久蜜臀 | 91精品国产麻豆国产自产在线| 色综合久久综合网| 不卡免费追剧大全电视剧网站| 国产精品亚洲一区二区三区妖精| 久久精品国产99国产精品| 人禽交欧美网站| 日本中文字幕一区二区视频| 午夜精品福利一区二区蜜股av| 亚洲黄色片在线观看| 亚洲六月丁香色婷婷综合久久| 国产精品国产a级| 国产精品久久久久aaaa| 中文天堂在线一区| 国产精品丝袜久久久久久app| 国产午夜精品美女毛片视频| 久久色在线视频| 久久久亚洲精品石原莉奈| www国产精品av| 久久无码av三级| 久久老女人爱爱| 久久久久青草大香线综合精品| 精品成a人在线观看| 亚洲精品在线观| 久久综合成人精品亚洲另类欧美 | 中文字幕成人在线观看| 国产欧美一区二区精品仙草咪 | 亚洲精品老司机| 亚洲欧美日本韩国| 亚洲午夜久久久久久久久电影网| 亚洲一区二区3| 午夜精品久久久久久| 天堂影院一区二区| 美女视频一区二区三区| 久久99国产精品久久| 国产一区二区三区在线看麻豆| 国产一区二区精品久久99| 国产精品一区二区黑丝| 成人免费视频一区二区| 91香蕉视频污| 91激情在线视频| 9191久久久久久久久久久| 欧美大片在线观看一区| 久久久综合精品| 中文字幕一区二区日韩精品绯色| 亚洲精品五月天| 日韩电影在线一区二区三区| 精品午夜一区二区三区在线观看| 国产成人免费av在线| 97se亚洲国产综合自在线| 欧美视频日韩视频在线观看| 91精品国产入口| 国产偷国产偷亚洲高清人白洁| 中文字幕一区二区三区在线观看 | 亚洲成年人影院| 久久er99精品| 不卡免费追剧大全电视剧网站| 欧美在线|欧美| 欧美成人aa大片| 国产精品久久综合| 亚洲一区二区3| 久久成人羞羞网站| av亚洲精华国产精华| 欧美又粗又大又爽| 精品欧美一区二区久久| 亚洲欧洲精品一区二区精品久久久| 亚洲国产中文字幕| 久久电影网电视剧免费观看| 成人sese在线| 9191久久久久久久久久久| 国产欧美日韩卡一| 亚洲一区二区三区四区不卡| 精品系列免费在线观看| 色综合av在线| 精品国产一区二区三区久久影院 | 国产又黄又大久久| 一本色道久久综合精品竹菊| 日韩欧美中文字幕精品| 中文字幕人成不卡一区| 日本成人中文字幕在线视频| 国产成人精品网址| 欧美日韩不卡一区二区| 欧美激情一区二区三区| 日日嗨av一区二区三区四区| 成人av在线资源网| 欧美一区二区三区不卡| 亚洲丝袜精品丝袜在线| 久久国产剧场电影| 在线观看成人小视频| 久久久亚洲午夜电影| 亚洲1区2区3区4区| 成人激情文学综合网| 91精品国产色综合久久不卡电影 | 久久成人羞羞网站| 欧洲精品一区二区三区在线观看| 久久久久久亚洲综合影院红桃| 亚洲亚洲精品在线观看| 国产精品77777竹菊影视小说| 精品视频1区2区| 亚洲国产成人在线| 美女久久久精品| 99re66热这里只有精品3直播 | 欧美一区二区三区四区在线观看| 国产精品人成在线观看免费| 美女免费视频一区二区| 欧美综合亚洲图片综合区| 久久久青草青青国产亚洲免观| 午夜精品久久久久久久99水蜜桃| 99久久精品免费| 久久久国产精品午夜一区ai换脸| 日韩精品久久理论片| 日本乱人伦一区| 中文字幕av在线一区二区三区| 久久国产精品99精品国产| 欧美日韩aaaaa| 亚洲精品视频一区二区| 丁香婷婷深情五月亚洲| 欧美成人国产一区二区| 亚洲3atv精品一区二区三区| 91丨porny丨国产入口| 国产日韩欧美不卡| 精品综合免费视频观看| 欧美精品aⅴ在线视频| 亚洲电影在线免费观看| 色欧美片视频在线观看在线视频| 国产欧美日本一区视频| 精品一区二区三区视频在线观看| 欧美精品亚洲二区|