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

chinadaily.com.cn
left corner left corner
China Daily Website

Urbanization, growth puts pressure on local governments

Updated: 2013-03-01 08:09
By Wei Tian ( China Daily)

Debt issuance will be more cautious and disciplined

While most major economies struggle amid the spreading debt crisis, China seems to have been successfully preserving its own purity and integrity, but questions remain as to how long this can last.

Barclays Capital estimated China's total public debt could be as high as 97 percent, or about 50 trillion yuan ($8.03 trillion), taking into consideration nonperforming loans in the banking system and the pension fund gap.

But Barclays said the chance of a debt crisis in China remains low over the next few years, citing the strong fiscal position of the central government.

What's more worrying is local government debt, which, as is widely acknowledged, has climbed to 12 trillion yuan from 10.7 trillion yuan at the end of 2010.

According to the National Audit Office, 2012 and 2013 are the peak years for repaying local debt. About 42 percent of the local debt had matured by the end of 2012, a year when the growth rate of government fiscal revenue was halved compared to a year before.

The banks have extended three quarters of these matured debts, the Financial Times reported, but another 53 percent would meet their repayment deadline by the end of this year.

Urbanization, growth puts pressure on local governments

Retired basketball player Yao Ming, a CPPCC member, frowns at the smog as he leaves a hotel in Beijing on Thursday morning. [Liu Guanguan / China News Service]

"Debt extension is a common measure adopted by local authorities to overcome their liquidity crises, especially amid stringent monetary policy during the first half of 2012," said Zhao Quanhou, head of financial research with the Fiscal Science Research Center at the Finance Ministry.

"But as the monetary policy loosens, there will be less debt extension, but more new borrowing to repay the old loans," he said.

Some analysts are expecting more regulations on local debt after this year's National People's Congress, but Zhao said local debt management would be a long-term effort, so there might not be any breakthroughs in sight.

While admitting there will be cases where local governments face liquidity crises, Zhao said the local debt risk is not yet a threat to the overall stability of the world's second-largest economy.

"It is also based on the judgment that the country still allows its local governments to raise money via debt financing," he said, adding that future debt issuance will be more cautious and disciplined.

In the next five to 10 years, Zhao said, the absolute amount of local debt will still be expanding in line with the economy, but the debt-to-GDP ratio may fall eventually.

The new leadership has repeatedly stressed the role of urbanization in driving future growth, which boosted confidence in the economy but also raised concerns over a new round of over-investment, which could translate to further local government debt.

In this year's economic agenda, 19 local governments have set a growth target of fixed-asset investment above 20 percent, while four are projecting year-on-year growth above 30 percent.

According to Standard and Poor's Rating Services, the need for cash flow of local governments will remain high over the next few years, but facing weakening liquidity positions many could resort to new borrowing.

As a result, S&P said, the default risk of some local governments in China and their financing platforms could rise significantly during the next two years.

"The risks are particularly high for county-level governments that have incurred high-cost, short-term borrowing from non-bank financial institutions," said S&P's credit analyst Kim Eng Tan.

"Some local governments may find themselves trapped in a cycle. They may have to spend more on infrastructure to generate higher receipts from land sales. And that's just so they can reap enough profits from such sales to repay the debt incurred earlier for infrastructure investment."

Yang Tao, a researcher with the institute of finance and banking at the Chinese Academy of Social Sciences, said local government plays a major role in pushing forward China's urbanization process, so an impulse for investment and the growing debt pressure will be in place during the entire 12th Five-Year Plan (2011-15).

Limitations on local financing platforms cannot settle the imbalance between the rising financing demand and shortage in credit supply, Yang said. On the contrary, it may even force local authorities to convert their debt risk into financial risks in other hidden forms.

"Local government impulse for investment is not necessarily a bad thing. Some projects related to people's livelihood, such as affordable housing and urban rail traffic, need such initiatives by local authorities," Zhao said.

While eliminating those unnecessary and not-so-urgent projects, local government should consider introducing more private investors via point-to-point financing, which is also a pathway to break the monopoly in some public sectors, he said.

weitian@chinadaily.com.cn

 
...
...
...
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

    天堂蜜桃91精品| 日本不卡123| 欧美亚洲日本国产| 亚洲一二三专区| 欧美高清激情brazzers| 麻豆视频观看网址久久| 国产婷婷色一区二区三区| 成人精品鲁一区一区二区| 亚洲精品综合在线| 91麻豆精品国产91久久久使用方法| 蜜乳av一区二区三区| 日本一区二区三区四区在线视频| 91在线观看视频| 五月婷婷综合激情| 久久人人97超碰com| av毛片久久久久**hd| 午夜精品久久久久久久蜜桃app| 欧美大度的电影原声| 久久久www免费人成精品| 成人丝袜高跟foot| 亚洲国产裸拍裸体视频在线观看乱了 | 91在线看国产| 日本欧美在线看| 欧美国产综合色视频| 欧美日韩综合在线免费观看| 国产在线观看免费一区| 亚洲美女区一区| 精品国产污网站| 色婷婷亚洲综合| 激情小说亚洲一区| 一区二区不卡在线播放| 精品国产亚洲一区二区三区在线观看 | 99久久综合狠狠综合久久| 亚洲成a人片在线不卡一二三区| 2023国产精华国产精品| 日本精品裸体写真集在线观看 | 91极品美女在线| 麻豆精品在线视频| 亚洲欧美国产毛片在线| 欧美videos大乳护士334| 色婷婷综合久久久中文一区二区| 日韩avvvv在线播放| 中文字幕中文字幕一区二区| 欧美一区二区三区在线电影| 91在线观看地址| 黄一区二区三区| 亚洲一区二区三区四区五区黄 | 日韩一区欧美二区| 亚洲欧洲www| 久久婷婷久久一区二区三区| 欧美日韩三级在线| 99久久精品99国产精品| 精品亚洲成a人在线观看| 亚洲精品国产无套在线观| 久久久精品免费免费| 欧美日韩中文字幕一区二区| 不卡av电影在线播放| 日本v片在线高清不卡在线观看| 中文字幕日韩一区二区| 久久综合九色综合欧美亚洲| 欧美日韩久久久久久| 成人av在线一区二区三区| 奇米777欧美一区二区| 一区二区三区av电影| 国产精品女主播在线观看| 欧美一区二区久久| 欧美羞羞免费网站| 91视频免费看| 成人免费福利片| 国产另类ts人妖一区二区| 日韩二区在线观看| 亚洲一区在线观看网站| 国产精品成人免费精品自在线观看| 精品对白一区国产伦| 日韩西西人体444www| 在线成人av网站| 欧亚一区二区三区| 91视频在线观看| av影院午夜一区| 韩国av一区二区三区在线观看| 日本视频一区二区| 丝袜诱惑亚洲看片| 色呦呦一区二区三区| 99久久免费精品| a在线播放不卡| a在线欧美一区| 波多野结衣中文字幕一区 | caoporn国产一区二区| 国产999精品久久| 国产成人精品免费在线| 国精品**一区二区三区在线蜜桃| 久久精品噜噜噜成人av农村| 美女诱惑一区二区| 美女mm1313爽爽久久久蜜臀| 欧美aⅴ一区二区三区视频| 日本va欧美va精品| 日韩 欧美一区二区三区| 日韩激情视频在线观看| 日本中文一区二区三区| 免费一区二区视频| 亚洲va欧美va人人爽| 亚洲国产精品一区二区久久恐怖片| 亚洲一区在线视频观看| 性做久久久久久久久| 午夜国产精品一区| 青青草原综合久久大伊人精品优势| 日韩av中文字幕一区二区| 蜜臀久久久久久久| 精品一区二区三区免费视频| 国产精品资源在线| 成人激情动漫在线观看| 91影视在线播放| 欧美午夜精品久久久久久超碰| 欧美三级在线看| 91精品国产综合久久久久久久久久 | 国产精品一级片| 国产91色综合久久免费分享| www.亚洲精品| 在线亚洲一区二区| 717成人午夜免费福利电影| 欧美一级午夜免费电影| 2021国产精品久久精品| 中日韩av电影| 一区二区免费在线播放| 日本va欧美va精品| 国产在线精品一区二区不卡了| 成人自拍视频在线| 色婷婷综合激情| 欧美一区二区三区在线观看视频| 久久久久久久久久久99999| 国产精品久久久久久久久搜平片| 亚洲精品ww久久久久久p站| 午夜激情综合网| 韩国v欧美v日本v亚洲v| 99久久久久免费精品国产| 欧美日韩一级片在线观看| 欧美成人高清电影在线| 国产精品―色哟哟| 亚洲国产精品久久一线不卡| 久久91精品久久久久久秒播| 成人免费视频国产在线观看| 欧美优质美女网站| 欧美精品一区二区三区久久久| 国产精品久久久久久久久免费丝袜| 亚洲午夜免费视频| 国内外成人在线视频| 色综合久久综合中文综合网| 这里只有精品视频在线观看| 国产色产综合产在线视频| 亚洲最新视频在线观看| 久久av资源网| 91网站最新地址| 欧美一区二区精品| 中文字幕日本不卡| 日韩精品1区2区3区| 成人免费视频app| 9191国产精品| 欧美国产日韩在线观看| 午夜精品久久久久久久久| 国产成人鲁色资源国产91色综 | 在线观看亚洲成人| 精品国产乱码久久久久久图片| 一区视频在线播放| 麻豆精品一区二区三区| a亚洲天堂av| 精品久久久久久久人人人人传媒| 日韩久久一区二区| 久久99精品国产麻豆婷婷洗澡| 成人久久视频在线观看| 欧美日韩免费在线视频| 亚洲国产岛国毛片在线| 爽好久久久欧美精品| 波多野结衣一区二区三区| 玉米视频成人免费看| 久久精品国产一区二区三| 99精品欧美一区二区蜜桃免费| 欧美一级二级三级乱码| 亚洲欧洲成人精品av97| 韩国女主播一区| 欧美日韩免费视频| 国产精品美女久久久久aⅴ国产馆 国产精品美女久久久久av爽李琼 国产精品美女久久久久高潮 | 欧美不卡在线视频| 一区二区国产视频| 成人小视频免费在线观看| 日韩一区二区三| 亚洲一本大道在线| 不卡的av中国片| 精品国产一区久久| 婷婷综合久久一区二区三区| 91老师片黄在线观看| 国产午夜精品一区二区三区嫩草| 日本美女视频一区二区| 在线免费观看日本欧美| 国产精品久久久久三级| 国产福利91精品一区| 精品乱码亚洲一区二区不卡| 肉肉av福利一精品导航| 欧美亚洲另类激情小说| 日韩理论在线观看| 成人免费视频caoporn|