日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Economy

Government revenues move to center stage

By ANDREW MOODY (China Daily) Updated: 2015-03-30 07:48

Government revenues move to center stage

It is heavily dependent instead on the sale of land, mainly through local government financing vehicles, or LGFVs, which make up more than a third of income. The recent Deutsche Bank report predicts that land sales revenue will slump 20 percent in 2015.

It comes at a time when the central government is also trying to reform local government financing by allowing municipalities to issue local bonds. Any new system is unlikely to be in place to alleviate the immediate shortfall.

George Magnus, senior independent economist with UBS based in London and leading China commentator, said this makes the fiscal squeeze all the more severe.

"I think it is one of those difficult periods of transition that China is going through, principally because of the fallout and slowdown in real estate and also what is happening to land prices, which comprise about 25 to 30 percent of local government revenues," he said.

Zhu Ning, deputy director of the Shanghai Advanced Institute of Finance, does not believe this will lead to fiscal responsibility at local level.

"There was a pilot program back in 2012 with Zhejiang, Chongqing and Guangdong all able to issue bonds. They actually ended up trading at a lower yield than (China) treasuries," he said.

"This was because those who bought them thought they were safer than central government bonds on the reasoning that the government would not stand by and do nothing if there was a problem with this funding. So you weren't creating this independence or financial discipline that is required of this process."

Not everyone believes China should tighten its belt. Liu Zhiqin, senior fellow at the Chongyang Institute for Financial Studies at Renmin University of China, is worried austerity could store up even greater future fiscal problems if it brings growth to a shuddering halt.

"In my view government economic policy is too passive. I think if it pursues an austerity policy this year and cuts government expenditure, it would be the wrong thing to do."

He believes there should be major expenditure on healthcare, education and other social security measures.

Magnus at UBS also thinks China can avert a major financial crisis.

"I just don't think there is any point in anticipating or trying to predict China is going to have a financial crisis because the likelihood is that it probably won't. It can probably internalize it in ways that we in the West can't. This does not mean, however, that it hasn't got a debt or a growth issue because it clearly has."

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 性插动态 | 午夜九九九| 日韩和欧美的一区二区 | 欧美日本中文字幕 | 男人天堂网av | 婷色 | 国产高清av| 山岸逢花在线观看 | 视频一区在线免费观看 | 成人性视频免费看 | 亚洲成人免费看 | 久久久久久99 | 四虎影视在线免费观看 | 91精品久久久久久粉嫩 | 成人激情视频 | 97香蕉久久夜色精品国产 | 久久一级黄色片 | 欧美精品免费在线 | 伊人久久五月 | 婷婷色影院 | 欧美黄色激情视频 | 黄色精品在线观看 | 成人免费黄色小视频 | 国产三级第一页 | 91精品国产一区二区三区蜜臀 | 超碰成人免费 | 亚洲欧美日本在线观看 | 少妇日韩 | 九九热精彩视频 | 国产h在线观看 | 日韩a√ | 天天综合天天做 | 成人免费视频视频 | 日本大尺度吃奶做爰久久久绯色 | 色婷婷av一区二区三区之e本道 | 亚洲一区二区三区免费 | 超碰在线网 | 亚洲成网 | 少妇一级淫片免费放2 | 国产伦精品一区二区三区在线 | 国产第九页 |