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
Opinion
Home / Opinion / Op-Ed Contributors

Govt debt and urbanization

By Mike Bastin | China Daily | Updated: 2013-07-31 09:49

The State Council, China's cabinet, has directed the National Audit Office to audit all local government debt accounts, reflecting the rising concern over debt levels amid the economic slowdown. Of late, disappointing trade figures, combined with lower than expected second quarter GDP figures, have increased the pressure on the central government to introduce some sort of financial stimulus package to boost the economy.

Many experts, however, are warning against any such stimulus for the urbanization drive. The problem is local governments' debts, which have been in the news ever since the central government announced a 4-trillion-yuan ($652-billion) stimulus package in 2008 to overcome the shocks of the global financial crisis. In fact, the experts say it's the stimulus that helped create this mountain of debt.

According to official data, local government debts today exceed 12 trillion yuan, although ratings agency Fitcsh suggests the figure could be as high as 13 trillion yuan, or a quarter of China's GDP.

Fears that fresh, and perhaps substantial, funds (or rather loans) from the central to the local governments will add to this mountain of debt are well founded. But local governments' reckless lending and profligate spending alone cannot be blamed for the problem.

Changes in the tax laws in 1994 forced local governments to depend on areas other than taxation as their main source of revenue. And they found land (or the transfer of land-use rights) a convenient and lucrative alternative. Since local governments cannot depend on income from taxation, one can understand their desperation to seize the opportunity offered by land.

But with local government debts threatening to turn into a national debt crisis, the central government has to either exercise tighter control or change its funding pattern. The central government has to take immediate measures to rein in excessive local government spending and enforce austere spending limits. For instance, it can impose severe financial penalties on local governments that cross their spending limit. In this regard, China could learn from the United Kingdom where local government finances are strictly managed.

To prevent the recurrence of such humungous local government debt in the long term, the central government should review the nature of urbanization and determine whether spending and debt are vital ingredients of urbanization.

Previous 1 2 Next

Most Viewed in 24 Hours
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

    午夜免费一区二区| 中国 免费 av| 国产乱子伦精品视频| 老太脱裤让老头玩ⅹxxxx| 免费看污黄网站| 被灌满精子的波多野结衣| 九色91popny| 欧美亚洲日本一区二区三区| 182午夜视频| 欧美精品一区免费| 性欧美18一19内谢| 老熟妇仑乱视频一区二区| a级片一区二区| 91小视频网站| 色综合久久久久无码专区| 国产黑丝在线视频| www.欧美日本| 欧美一级视频免费看| 在线a免费观看| 欧美精品一区二区三区免费播放| 亚洲激情免费视频| 亚洲这里只有精品| 欧美牲交a欧美牲交aⅴ免费下载| 美女av免费观看| 亚洲va综合va国产va中文| 欧美牲交a欧美牲交aⅴ免费真| 免费在线看黄色片| 亚洲精品偷拍视频| 午夜免费看毛片| 久草在在线视频| 蜜臀av无码一区二区三区| 国产精品久久成人免费观看| 黄色在线视频网| 99精品人妻少妇一区二区| 国产91沈先生在线播放| 蜜桃视频成人在线观看| 日韩欧美亚洲另类| 天天操,天天操| 午夜精品在线免费观看| 99re在线视频免费观看| www.av中文字幕| 成人免费a级片| 国产91porn| 免费看黄色a级片| 在线观看免费黄色片| 九九九九九国产| 毛片毛片毛片毛| 成人综合久久网| www.com黄色片| 国产亚洲天堂网| 成人三级视频在线播放| 99福利在线观看| 成人黄色片视频| 久久婷婷国产91天堂综合精品| 青青草原成人网| 免费黄色日本网站| 成人在线激情网| 人妻无码视频一区二区三区| 精品免费国产一区二区| 能在线观看的av网站| 亚洲 欧美 日韩系列| 色多多视频在线播放| 国产一二三四在线视频| 制服丝袜综合网| 精品国产鲁一鲁一区二区三区| 欧美日韩精品区别| 亚洲色图偷拍视频| 蜜臀av.com| 日韩精品视频在线观看视频| 免费看国产曰批40分钟| 免费在线观看日韩视频| 免费涩涩18网站入口| 在线免费看v片| 成年丰满熟妇午夜免费视频| 欧美a级免费视频| 国产精品999视频| 人妻无码视频一区二区三区| 老司机午夜性大片| aaaaaaaa毛片| 国产在线视频在线| 日韩欧美视频网站| 日本免费观看网站| 国产91av视频在线观看| 国产在线视频在线| 熟妇人妻va精品中文字幕| 中文字幕视频三区| 毛片在线视频观看| 日韩在线一级片| 久久久久久蜜桃一区二区| 亚洲综合激情五月| 精品这里只有精品| www.久久久精品| 亚洲一区 在线播放| 欧美视频在线播放一区| 亚洲xxx在线观看| 免费在线黄网站| 最新中文字幕免费视频| 警花观音坐莲激情销魂小说| 国产免费黄视频| 亚洲精品中文字幕乱码无线| 99在线精品免费视频| 一区二区三区免费播放| 国产成人在线小视频| 999在线免费视频| 五月天激情图片| 91色国产在线| 久久久久久久香蕉| 国产一区二区视频免费在线观看| 大桥未久一区二区三区| 欧美日韩亚洲一| 伊人国产精品视频| 看av免费毛片手机播放| 亚洲国产精品影视| 久久久久久久久久久久久国产精品| 日韩视频在线观看视频| 欧美少妇性生活视频| 欧美a级免费视频| 久久久久久综合网| 欧美在线观看www| 毛片在线视频观看| 亚洲第一天堂久久| 免费日韩视频在线观看| 欧美亚洲色图视频| 亚洲高清在线不卡| 在线观看的毛片| 日韩a∨精品日韩在线观看| 日日干日日操日日射| av免费中文字幕| 91精品国产91久久久久麻豆 主演| 玖玖爱视频在线| 成人免费观看视频在线观看| 999久久欧美人妻一区二区| 九九九九九伊人| 三上悠亚在线一区二区| 欧美a v在线播放| 日韩精品一区二区在线视频| 亚欧激情乱码久久久久久久久| www.亚洲天堂网| 国产精品一区二区免费在线观看| 欧美在线观看黄| 国产对白在线播放| 182午夜在线观看| 欧美综合在线观看视频| 国产v片免费观看| 久久综合久久网| www.国产在线视频| 黄色成人在线免费观看| 999热精品视频| 久久精品一二三四| 激情图片中文字幕| 亚洲第一区第二区第三区| 午夜精品中文字幕| 9l视频白拍9色9l视频| 国产又黄又猛视频| 国产裸体免费无遮挡| 日日碰狠狠躁久久躁婷婷| 日韩欧美一区二| 精品无码国模私拍视频| 男人的天堂狠狠干| 欧美 丝袜 自拍 制服 另类| 日韩在线综合网| 人妻有码中文字幕| 熟妇人妻va精品中文字幕| 熟妇人妻va精品中文字幕| 宅男噜噜噜66国产免费观看| 国模杨依粉嫩蝴蝶150p| 日韩福利视频在线| 亚洲一二三区av| 97超碰人人爽| 精品国产无码在线| 特级西西人体www高清大胆| 成人手机在线播放| 久久久久久www| 日本少妇高潮喷水视频| 已婚少妇美妙人妻系列| 亚洲国产精品三区| 粉色视频免费看| 中国一级黄色录像| 2019日韩中文字幕mv| 成人在线观看你懂的| 国内外成人激情视频| 亚洲 中文字幕 日韩 无码| 日本肉体xxxx裸体xxx免费| 91欧美一区二区三区| 日本免费黄色小视频| 日韩av高清在线看片| 国产成人手机视频| 亚洲一二区在线观看| 男女裸体影院高潮| 激情深爱综合网| 一区二区三区入口| 天堂在线精品视频| 拔插拔插海外华人免费| 日韩精品无码一区二区三区免费| 日本高清一区二区视频| 国产黄色激情视频| 亚洲少妇第一页| 99热这里只有精品7| 一女被多男玩喷潮视频| 色91精品久久久久久久久|