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

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

Massive debt plagues local govt

By WEI TIAN | China Daily | Updated: 2013-07-01 03:11

Massive debt plagues local govt

Moody's Investors Service estimates the direct and guaranteed debt of local governments in China could have been 12.1 trillion yuan at the end of 2012. [Provided to China Daily]

How much have China's local governments borrowed? The answer has always been shrouded in mystery.

The last official update was released by the National Audit Office in mid 2011. It put the nationwide figure at 10.7 trillion yuan ($1.75 trillion) by the end of 2010.

Last week, the audit office issued a new report, a much less comprehensive one covering only 36 local governments at different levels. This said debt in the selected areas had grown 13 percent in the last three years. Extrapolating the audit office's report's 13 percent rise in local government debt across the entire country, Moody's Investors Service estimates the direct and guaranteed debt of local governments could have been 12.1 trillion yuan at the end of 2012.

"However, such an estimate assumes the remaining jurisdictions not included in the NAO report had a similar rate of debt accumulation, which we do not know for sure was the case," said Debra Roane, vice-president and senior credit officer of the sovereign risk group with Moody's.

Selected local governments in the new report comprise 15 provinces and the 15 provincial capital cities, as well as three municipalities and three districts.

Some Chinese officials have also made their estimates: Dong Dasheng, deputy minister of the National Audit Office, said in May the latest debt scale for governments at all levels was between 15 to 18 trillion yuan, while Xiang Huaicheng, a former finance minister, said in April China's local governments might have already borrowed more than 20 trillion yuan.

"I personally agree with former minister Xiang's estimate of 20 trillion yuan stock in local debts," said Zhao Quanhou, head of financial research with the Fiscal Science Research Center at the Ministry of Finance.

Zhao said the figure might vary because of different statistics criteria. Xiang's estimate has taken into consideration all the off-balance sheet financings of local authorities.

China's local governments are not allowed to borrow directly so a series of government-guaranteed investment companies — known as local government financing vehicles — have been established to handle the issue.

However, Zhao said because the central government tightened regulation of the financing vehicles last year, other State-owned enterprises under the supervision of local State-owned assets watchdogs were also asked to raise money on behalf of local authorities. However, such borrowings would not appear on local government balance sheets.

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
 
主站蜘蛛池模板: 黄色aaaa | 天天天天天天天操 | 国产亚洲精品成人 | 日本a大片 | 色网址在线观看 | 成人观看 | 精品国产一二三区 | av中文字幕一区 | 亚洲专区在线播放 | 自拍欧美日韩 | 男女黄色一级片 | 久久在线视频 | 天天综合网天天综合 | 国产精品大全 | 在线免费观看av网站 | 超碰人人干人人 | 一道本在线观看 | 手机看片亚洲 | 麻豆网站在线播放 | 天天射夜夜爽 | 手机看片日韩在线 | 精品一区在线 | 精品国产一区二区三区久久久蜜臀 | 日韩一级免费毛片 | 欧美日韩高清免费 | 欧美亚洲综合在线 | 成人免费播放视频 | 成人网久久 | 18av在线视频 | 麻豆性视频 | 欧美一级片在线观看 | 大学生一级一片第一次 | 免费观看一区 | 亚洲综合成人网 | 自拍偷拍国产 | 久操国产视频 | 黄色一级大片在线免费看产 | 国产成人亚洲综合a∨婷婷 91亚洲精品在线观看 | 国产一区在线免费观看 | 一卡二卡在线视频 | 日韩一区二区三区视频在线观看 |