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

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

The art of maintaining a healthy debt

By Lin Shuanglin (China Daily) Updated: 2014-01-09 07:24

From the 1840s to 1930s, most of the fiscal incomes of state and municipal governments in the US accrued from land sales and rents, part of which was used to build infrastructure facilities in urban areas.

In China today, despite being in desperate need of money for infrastructure, local governments don't have enough sources of finance because the country's fiscal system ensures that a big part of the funds flows into the central government's coffers. Also, local governments can no longer depend on land for finance because the past few years have created more bubbles in the real estate market. As a result, local governments still rely on central funds to cover their debts, especially because they can't yet issue bonds.

Following are some suggestions on how to overcome the current situation. First, small amounts of LGDs should be transformed into corporate debts. Many local governments have already established local investment companies to invest in infrastructure, and they should be run as normal companies that use their profits to cover their debts. This, in turn, will enable the companies to issue corporate bonds to meet their needs, which is quite a normal practice in China.

Second, local governments' budgets should be restricted in terms of fiscal expenses, compelling them to regulate their debts according to their monetary reserves and incomes. And although there is need to deliberate whether local governments that cannot repay their debts should be declared bankrupt, the central government should consider allowing local authorities to impose some form of tax to raise their revenues.

And third, local governments should use their debts to advantage. In economic theory, a certain amount of debt is actually healthy for a company, because it compels the company to perform more efficiently. So, instead of forcing local governments to repay all their debts, we should strengthen regional economies by solving their debt problem step by step, keeping the debt ratio within a healthy zone.

The author is a professor at and director of China Center for Public Finance, Peking University. The article is an excerpt from a recent speech he delivered at Peking University.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
New type of urbanization is in the details
...
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

    亚洲色图一区二区| 亚洲一区二区三区在线| 国产91精品欧美| 国产欧美一区二区精品久导航| 成人永久aaa| 亚洲欧美日韩一区二区| 欧美日韩午夜精品| 美女被吸乳得到大胸91| 精品福利在线导航| 丁香婷婷深情五月亚洲| 亚洲精品你懂的| 制服丝袜中文字幕一区| 国产一区在线观看视频| 国产精品乱子久久久久| 91黄色激情网站| 日韩高清不卡在线| 久久精品欧美一区二区三区不卡| www.成人在线| 视频一区欧美精品| 久久精品一区二区三区四区| 91污片在线观看| 日韩国产一区二| 国产清纯白嫩初高生在线观看91| 色婷婷av一区| 老司机精品视频线观看86| 亚洲国产精品99久久久久久久久 | 欧美系列亚洲系列| 美日韩一区二区三区| 国产精品久久久久婷婷二区次| 欧美在线观看视频在线| 国内不卡的二区三区中文字幕| 国产精品传媒视频| 91精品国产欧美日韩| 成人综合在线视频| 天堂精品中文字幕在线| 国产清纯美女被跳蛋高潮一区二区久久w| 欧美在线看片a免费观看| 国产精一区二区三区| 亚洲国产日韩在线一区模特| 久久婷婷国产综合精品青草| 91激情五月电影| 国产一区二区三区国产| 亚洲综合男人的天堂| 久久色.com| 欧美日韩精品一区视频| 成人网页在线观看| 丝袜美腿成人在线| 国产精品成人一区二区三区夜夜夜| 337p亚洲精品色噜噜噜| 99精品视频一区二区| 久久99精品国产麻豆婷婷| 一区二区欧美在线观看| 久久久久久久久蜜桃| 欧美日韩国产成人在线免费| 成人高清视频在线| 麻豆国产欧美日韩综合精品二区 | 亚洲日本va午夜在线电影| 精品免费日韩av| 精品视频在线免费看| youjizz久久| 精品一区二区三区香蕉蜜桃| 亚洲国产美国国产综合一区二区| 久久精品人人爽人人爽| 日韩欧美亚洲另类制服综合在线| 在线观看国产日韩| av亚洲精华国产精华精| 国产麻豆9l精品三级站| 日本vs亚洲vs韩国一区三区二区| 亚洲精品亚洲人成人网| 国产精品免费网站在线观看| 日韩欧美国产电影| 欧美高清激情brazzers| 日本道精品一区二区三区| 成人免费视频视频在线观看免费| 精品一区二区三区在线观看| 日本中文一区二区三区| 亚洲国产精品一区二区尤物区| 国产精品成人一区二区艾草| 欧美国产一区在线| 久久久久久9999| 精品国产123| 精品日韩av一区二区| 欧美一级专区免费大片| 欧美高清精品3d| 欧美日韩精品一区二区三区| 91成人免费在线视频| 91美女片黄在线观看| av在线一区二区| a在线欧美一区| jlzzjlzz欧美大全| 成人av免费在线| 成人性色生活片| 成人一区二区视频| 国产不卡视频一区二区三区| 国产精品99久久久久久久女警| 精品一区二区三区在线观看| 久久国产三级精品| 久久99九九99精品| 精品一区二区在线免费观看| 国内外成人在线| 国产呦精品一区二区三区网站| 久久精品理论片| 国内精品国产成人| 韩国成人精品a∨在线观看| 精品中文字幕一区二区小辣椒| 国产在线精品一区二区夜色| 国产呦萝稀缺另类资源| 国产不卡在线播放| 成人va在线观看| 91视频xxxx| 欧美亚洲高清一区二区三区不卡| 国产美女久久久久| 国产精品麻豆久久久| 国产精品不卡视频| 国产精品久久久久久久久免费桃花| 国产精品区一区二区三区| 国产精品久久久久久久第一福利 | 亚洲一级二级三级在线免费观看| 亚洲高清在线精品| 日韩和欧美的一区| 精品在线播放免费| 风间由美中文字幕在线看视频国产欧美| 国产成人精品aa毛片| av一区二区久久| 欧美日韩中字一区| 欧美电影免费提供在线观看| 久久久蜜桃精品| 国产精品免费av| 一区二区三区电影在线播| 丝袜诱惑制服诱惑色一区在线观看| 免费在线成人网| 国产成a人亚洲| 91黄色激情网站| 日韩午夜激情电影| 国产欧美日韩另类一区| 亚洲靠逼com| 日韩成人精品在线| 粉嫩av一区二区三区| 91蜜桃视频在线| 91精品国产综合久久国产大片| 欧美精品一区二区三区蜜臀| 中文字幕在线观看一区| 亚洲亚洲精品在线观看| 精品中文字幕一区二区小辣椒 | 成人av一区二区三区| 91成人免费在线视频| 精品久久久久香蕉网| 国产精品乱人伦| 日韩高清在线电影| 成人免费视频一区| 欧美精品1区2区3区| 国产农村妇女精品| 亚洲国产成人tv| 国产乱子伦视频一区二区三区| 一本色道久久综合亚洲精品按摩| 91精品国产乱| 国产精品萝li| 琪琪一区二区三区| av色综合久久天堂av综合| 91精品国产全国免费观看| 国产精品私人自拍| 日韩av电影免费观看高清完整版在线观看| 国产精品影音先锋| 欧美三级日韩三级国产三级| 久久久99久久| 亚洲午夜免费视频| 国产91在线看| 91精品国产色综合久久不卡电影| 国产精品久久影院| 蜜桃视频在线一区| 色婷婷激情一区二区三区| 精品少妇一区二区三区| 亚洲综合图片区| 国产91在线|亚洲| 欧美一区二区在线免费观看| 亚洲欧洲制服丝袜| 国产一区二区三区免费观看| 欧美色视频在线| 中文字幕一区视频| 国产做a爰片久久毛片| 欧美三级三级三级爽爽爽| 中文乱码免费一区二区| 免费看黄色91| 在线欧美日韩精品| 国产日韩欧美综合在线| 石原莉奈在线亚洲二区| 91在线精品秘密一区二区| 欧美精品一区二区在线观看| 午夜免费久久看| 99久久精品国产精品久久| 久久在线观看免费| 日韩二区三区在线观看| 一本久道中文字幕精品亚洲嫩| 久久久激情视频| 麻豆国产欧美一区二区三区| 欧美日韩一区 二区 三区 久久精品| 国产精品免费看片| 国产精品一区二区三区网站| 日韩欧美亚洲一区二区| 婷婷久久综合九色综合绿巨人|