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

    Budget plan credit negative for local govts

    Updated: 2013-03-12 19:09
    By Wei Tian ( chinadaily.com.cn)

    The 2012 budget outcome and 2013 draft budget for the central and local governments released last Tuesday, both of which show a slowdown in the pace of revenue growth, are credit negative for China's local governments, Moody's Investors Service said in a report.

    "It will constrain these entities' ability to fund mounting demands to provide services and infrastructure amid the country's continued urbanization," said Debra Roane, vice-president and senior credit officer of Moody's.

    "These pressures are likely to lead some local governments to increase borrowing via local government financing vehicles, a practice that has already led to high local debt burdens in recent years," Roane added.

    According to the Ministry of Finance, the 2013 budget draft forecasts local governments' revenue growing 9 percent, while the 2012 budget outcome report showed that revenue increased 16.2 percent.

    The World Bank estimates that total investments — a portion of which will be financed by local governments — required to support large migration from rural to urban centers could cost $6.4 trillion by 2030, versus $2.3 trillion1 in total local governments revenues in 2012.

    "If revenues are insufficient to support these activities, local governments will likely rely more on their financing vehicles, which they use to access financing because the national government restricts direct borrowing," Roane said.

    "This would therefore add to the local governments' debt burden and, to the extent that cash flows of these companies are weak, would place additional burden on their budgets for debt service subsidies."

    8.03K
     
    ...
    ...
    ...
    黄A无码片内射无码视频| 天堂√中文最新版在线| 一本一道精品欧美中文字幕| 亚洲av无码一区二区三区不卡| 人妻无码人妻有码中文字幕| 日韩av无码一区二区三区| 国产成人综合日韩精品无码不卡 | 最近2019中文字幕| 特级小箩利无码毛片| 无码性午夜视频在线观看| 亚洲av中文无码| 最近2019年中文字幕6| 无码人妻黑人中文字幕| 免费无码一区二区| 国产AV无码专区亚洲AV男同| 午夜无码伦费影视在线观看 | 亚洲AV无码乱码国产麻豆穿越 | 人妻无码中文字幕免费视频蜜桃 | 欧美日本中文字幕| 中文无码制服丝袜人妻av| 久久中文字幕无码专区| 国产产无码乱码精品久久鸭| 无码国产精品一区二区免费16| 亚洲人成无码网站| 中文字幕无码播放免费| 一本精品中文字幕在线| 在线中文字幕视频| 中文字幕免费观看| 日本久久久精品中文字幕| 最近2019中文字幕电影1| 最近中文字幕完整版资源| 最近中文字幕完整版免费高清| 中文字幕在线最新在线不卡| 最近中文字幕高清中文字幕无 | 精品国产aⅴ无码一区二区| 影音先锋中文无码一区| 精品多人p群无码| 日韩精品人妻系列无码专区免费| 久久久久久久人妻无码中文字幕爆| 秋霞无码一区二区| 国产久热精品无码激情|