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

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Business

More local govts 'may issue debt directly'

By Zheng Yangpeng | China Daily | Updated: 2014-05-20 07:01

Bond sales intended to replace heavy reliance on special borrowing vehicles

China will allow 10 provinces and cities to make direct bond issues starting this year, a move that financial experts said might signal full rights for all local governments to issue debt to support the urbanization drive.

Local governments that will be allowed to sell bonds include those in the cities of Beijing, Shanghai and Shenzhen, wealthy eastern provinces such as Zhejiang and Jiangsu, and two central and western provinces, The Wall Street Journal reported on Monday, citing an anonymous source.

A source with the Ministry of Finance confirmed the report to China Daily, saying that the ministry will set a ceiling for each government, but he declined to give further details.

The central government will announce the plan later this month, and bonds will likely be issued in early July, The Wall Street Journal reported.

The reported plan is in line with a move last month, when the national legislature proposed a draft amendment to the Budget Law, suggesting that local governments should be able to sell municipal bonds under narrow parameters.

The current Budget Law, enacted some two decades ago, bars most debt issues by local governments. Even now that the draft amendment has been proposed, there are strong fears among policymakers and academics that some local administrations don't have the ability to manage their own funds. Whether the amendment will be passed remains unclear.

Given these concerns, the reported plan is being seen by some analysts as an effort by the Ministry of Finance to give more legitimacy to the amendment by conducting experiments in more places before lawmakers make a decision.

Jia Kang, director of the Research Institute for Fiscal Science under the Ministry of Finance, said he didn't know the details of the plan. But he added that in general, the plan to allow more local governments to issue debt on their own "conforms to the policy trend".

"This is the megatrend. The bond market, compared with other channels through which local governments have raised debts, is a much more regulated channel," he said.

In response to the 2008 financial crisis, many local governments undertook major spending projects to stimulate economic growth. To skirt rules barring local governments from borrowing directly, much of this was financed through special investment vehicles, commonly known as local government financing vehicles.

Debts raised through the LGFVs lack transparency, and they've sparked concerns over local governments' fiscal positions.

Direct debt and guarantees issued by local governments had surged 67 percent to 17.9 trillion yuan ($2.89 trillion) by the end of June 2013, compared with 10.7 trillion yuan at the end of 2010, according to the National Audit Office.

The central government started a trial program in late 2011 to allow six provinces and cities to sell bonds directly. The bonds were still supported by the central government, as the Ministry of Finance continued to repay the principal and interest on the local authorities' behalf.

The original six cities and provinces (Shanghai, Shenzhen, Guangdong, Jiangsu, Zhejiang and Shandong) are reportedly included in the latest plan.

It's not clear whether the latest plan is an expansion of the previous pilot program, with the same terms, or a new model that means the central government won't repay the principal and interest the local governments' debt.

The Wall Street Journal said the new municipal bonds will be rated and investors will probably ask for higher yields because the local authorities will repay the debt themselves. The details couldn't be independently verified.

According to China's deficit plan for calendar year 2014, the total bond quota for local governments will be 400 billion yuan, up from 350 billion yuan in 2013.

zhengyangpeng@chinadaily.com.cn

 

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
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

    国产精品成人免费在线| 亚洲欧洲av一区二区三区久久| 毛片一区二区三区| 精品国产髙清在线看国产毛片| 国产乱码精品一区二区三区av| 日本一二三四高清不卡| 色综合久久中文综合久久97| 亚洲国产精品一区二区www在线 | 国产成人欧美日韩在线电影 | 中文字幕不卡在线播放| 97国产一区二区| 午夜在线电影亚洲一区| 精品999久久久| 不卡一卡二卡三乱码免费网站| 一区二区三区视频在线看| 91精品麻豆日日躁夜夜躁| 精品一区二区三区视频| 国产精品蜜臀在线观看| 欧美日韩在线不卡| 久久不见久久见免费视频7 | 樱花草国产18久久久久| 在线综合亚洲欧美在线视频| 国产精品一区在线观看乱码| 亚洲人快播电影网| 日韩欧美你懂的| 97精品久久久久中文字幕| 热久久国产精品| 国产精品二三区| 91麻豆精品国产91久久久 | 色呦呦国产精品| 久久99久久99精品免视看婷婷| 成人欧美一区二区三区| 91麻豆精品国产自产在线| 成人免费看视频| 日本va欧美va精品发布| 国产精品视频观看| 日韩一区二区在线看片| 99精品欧美一区| 九一九一国产精品| 一区二区三区在线观看动漫| 久久亚洲一区二区三区明星换脸| 欧美亚洲一区三区| 国产激情一区二区三区桃花岛亚洲| 亚洲一区二区四区蜜桃| 国产欧美精品一区| 91精品国产全国免费观看| 99久久99精品久久久久久| 久久99九九99精品| 一区二区三区成人| 国产精品免费av| 精品久久国产97色综合| 欧美性受极品xxxx喷水| 不卡的av网站| 国产一区二区在线看| 亚洲成在人线免费| 亚洲桃色在线一区| 久久精品人人爽人人爽| 欧美一区午夜精品| 在线观看欧美日本| 国产91精品精华液一区二区三区| 欧美aaaaaa午夜精品| 亚洲一区二区av电影| 国产精品色哟哟| 精品av综合导航| 6080yy午夜一二三区久久| 色婷婷av一区二区三区gif| 国产99久久久国产精品| 精品一区二区在线免费观看| 亚洲成人av福利| 亚洲欧美日韩国产一区二区三区| 国产婷婷一区二区| 日韩一级片网站| 在线播放一区二区三区| 欧美艳星brazzers| 色av成人天堂桃色av| av成人免费在线观看| 国产jizzjizz一区二区| 国产一区二区三区久久悠悠色av| 日韩成人av影视| 午夜精彩视频在线观看不卡| 一区二区久久久久| 一区二区三区中文在线观看| 亚洲欧洲日韩一区二区三区| 国产精品私人自拍| 国产人久久人人人人爽| 久久久久久久综合| 久久视频一区二区| 日韩精品一区二区三区视频播放 | 欧美一区二区三区啪啪| 欧美人与禽zozo性伦| 欧美系列日韩一区| 欧美亚一区二区| 欧美性猛片xxxx免费看久爱| 色哟哟国产精品免费观看| 91视视频在线观看入口直接观看www| 高清免费成人av| 丁香五精品蜜臀久久久久99网站 | 亚洲欧美电影一区二区| 成人欧美一区二区三区| 亚洲天堂av老司机| 一区二区三区中文在线| 一区二区视频免费在线观看| 亚洲美女区一区| 一区二区三区毛片| 亚洲午夜在线视频| 午夜视黄欧洲亚洲| 日韩av一区二区三区| 免费高清不卡av| 激情五月播播久久久精品| 国产一区二区在线视频| 国产99久久久国产精品潘金 | 国产精品乱人伦一区二区| 国产日韩欧美a| 国产精品黄色在线观看| 亚洲欧美激情视频在线观看一区二区三区 | 国产白丝精品91爽爽久久| 国产成人免费网站| 99久久久精品| 欧美影院一区二区三区| 91 com成人网| 久久麻豆一区二区| 国产精品久久久久桃色tv| 亚洲另类在线一区| 午夜精品免费在线观看| 老司机午夜精品| 国产不卡视频一区二区三区| 91亚洲国产成人精品一区二区三| 在线观看日韩电影| 日韩一区二区视频在线观看| 久久精品夜色噜噜亚洲aⅴ| 亚洲国产高清在线| 亚洲精品视频在线观看网站| 亚洲chinese男男1069| 久久66热re国产| 成人av资源下载| 欧美午夜精品免费| 欧美mv日韩mv| 欧美韩国日本综合| 亚洲国产日产av| 国产一区二区不卡| 在线亚洲人成电影网站色www| 欧美一区二区福利在线| 国产精品美女久久久久久久| 亚洲国产wwwccc36天堂| 国精产品一区一区三区mba视频| 99国产精品久久久久| 91精品国产91久久综合桃花| 欧美激情艳妇裸体舞| 亚洲丶国产丶欧美一区二区三区| 久久99国产乱子伦精品免费| 99精品视频在线观看| 日韩欧美一卡二卡| 最好看的中文字幕久久| 另类小说图片综合网| 97国产一区二区| 欧美大片在线观看| 一区二区视频在线看| 国内精品久久久久影院一蜜桃| 色伊人久久综合中文字幕| 欧美v亚洲v综合ⅴ国产v| 中文字幕一区二区视频| 亚洲一区二区三区在线看| 国产日韩欧美精品在线| 日韩免费性生活视频播放| 久久婷婷综合激情| 日本久久电影网| 精品福利一二区| 综合电影一区二区三区| 洋洋成人永久网站入口| 国产69精品久久久久毛片| 97超碰欧美中文字幕| 91麻豆精品91久久久久同性| 国产精品高潮呻吟久久| 一区二区成人在线视频| 免费成人深夜小野草| 精品一区二区在线看| 成人久久18免费网站麻豆| 欧美日韩在线播放一区| 99在线视频精品| 久久日韩精品一区二区五区| 国产精品久久久久久久浪潮网站 | 韩国理伦片一区二区三区在线播放| 国产美女久久久久| 色婷婷精品久久二区二区蜜臂av | 最新久久zyz资源站| 久久精品国产精品亚洲综合| 欧洲人成人精品| 国产精品久久看| 韩国av一区二区三区在线观看| 在线影院国内精品| 国产精品久久久久久久蜜臀| 国内偷窥港台综合视频在线播放| 欧美欧美欧美欧美首页| 亚洲精品欧美激情| 国产福利一区二区三区| 欧美日韩国产首页在线观看| 亚洲丝袜制服诱惑| 国产制服丝袜一区| 日韩欧美国产小视频| 亚洲v中文字幕|