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.

    亚洲AV区无码字幕中文色| 内射无码专区久久亚洲| 亚洲Av无码乱码在线播放| 少妇无码太爽了在线播放| 亚洲av无码专区在线观看下载| 免费无码黄网站在线看| 中文字幕人妻无码一夲道 | 免费A级毛片无码A∨中文字幕下载 | 亚洲国产精品无码久久久蜜芽| 中文字幕热久久久久久久| 国产午夜无码精品免费看动漫 | 亚洲Av综合色区无码专区桃色 | 中文字幕二区三区| 亚洲国产精品成人AV无码久久综合影院 | 小SAO货水好多真紧H无码视频| 乱人伦中文视频高清视频| 中文字幕无码日韩专区免费| WWW插插插无码视频网站| 色欲A∨无码蜜臀AV免费播| 成人A片产无码免费视频在线观看| 中文字幕亚洲精品| 久久久噜噜噜久久中文福利| 午夜精品久久久久久久无码| 无码丰满熟妇一区二区| 日韩欧国产精品一区综合无码| 日韩乱码人妻无码系列中文字幕| 亚洲精品无码久久久久久| 成在人线av无码免费高潮喷水| 中文字幕免费视频| 波多野结衣在线中文| 亚洲AV中文无码字幕色三| 综合国产在线观看无码| 亚洲人成影院在线无码观看 | 亚洲日韩v无码中文字幕 | 无码av最新无码av专区| 无码人妻品一区二区三区精99 | 亚洲AV无码乱码在线观看富二代| 最好看的最新高清中文视频| 日韩综合无码一区二区| 中出人妻中文字幕无码| 亚洲AV无码乱码在线观看富二代|