综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

USEUROPEAFRICAASIA 中文雙語(yǔ)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
 
平山县| 昌宁县| 额济纳旗| 台州市| 高淳县| 禹城市| 浦北县| 山西省| 大余县| 永春县| 南京市| 武乡县| 呼图壁县| 子长县| 云霄县| 苏尼特左旗| 东莞市| 乌兰察布市| 秦皇岛市| 合山市| 宽城| 临沂市| 大埔县| 积石山| 襄垣县| 安吉县| 佛山市| 广州市| 眉山市| 荔浦县| 松滋市| 屏南县| 青田县| 手机| 宕昌县| 双流县| 高阳县| 珠海市| 房山区| 三明市| 衡南县|