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Ministry of Finance reported that the local government debt risk is not concentrated in the county suggested that the central fallback | Local bonds | at your own risk
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Eighteen to deepen economic restructuring and transformation of economic development strategic deployment of fiscal reforms made more specific requirements. Accordingly,christian louboutin pas cher, the Ministry of Finance organized the Department of Finance in six provinces on six key areas, combined with the actual situation around, been explored.
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Report in six provinces, by the person in charge of the Finance Minister to any group, individual members including the Director of the Chamber major business offices, local colleges and universities relevant experts and the like.
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Analytical framework for the six reports, first give the basic analytical approach based on public finance theory, combined with the actual situation of the provinces given the existing financial system in the current situation and problems, and then give a specific policy recommendations. With the reform, the report part of the six policy recommendations have been gradually realized.
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Macro Edition will launch a series of reports, the direction of this reform fiscal six reports released one by one interpretation.
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After eighteen to deepen economic reform deployed, the Ministry of Finance in 2013 to carry out fiscal reform and development of important research work, the layout of the six subjects completed by the local Ministry of Finance. Among them, the strengthening of local government debt management, building effective prevention of fiscal and financial risks borne by the system of fiscal policies in Hubei Province Department of Finance.
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Hubei on the subject of local government debt,escarpin louboutin, by the Hubei Provincial Department of Finance Director in charge of Wang Tong,nike air max bw femme, members of the group including the Zhongnan University Professor Chen Zhiyong, etc., university experts, as well as at the Hubei Provincial Department of Finance budget, performance evaluation at the head.
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According to the 21st Century Business Herald reporter learned that the issue late last year concluding, reported the Ministry of Finance. The report notes that the subject,parajumpers rea, the quality of local government debt has the typical pro-cyclical,woolrich bambino, once the economic recession, the debt will be non-linear deterioration. Effect of local government debt, financial security for the region is concentrated in the city and county levels of government,doudoune moncler pas cher, especially the county government.
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In early October, the State Council No. 43 paper on strengthening local government debt management advice the introduction of a clear direction about the basic local government debt management. Recently, the Ministry of Finance also issued a series of documents on the stock of debt management and is being trained for the stock of debt related screening work.
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Local government debt report as one of the six reporting fiscal reforms, as the country advance on local government debt management, some of the recommendations have already become a reality, such as the revised "Budget Law"; the local government debt into the budget management, information disclosure mechanism, It has been identified as the future direction of reform.
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But there are still some of the recommendations, such as the revision of "security law" to study the development of "Local Bonds Law" and "local government bankruptcy law"; the establishment of local government debt management decision-making mechanism,chopard occhiali da sole, the establishment of the project remit as a major source of debt service reserve content debt reserve system, are still a valuable reference.
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Local government investment function continuously enhanced since 2000
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Reporting under the international average debt balance share of GDP, combined with country-specific level of economic development and local self-financing and other indicators regression analysis, measure out of 2009--2015 Local Government debt is reasonable size were 4.68 trillion, 5.99 trillion 7.22 trillion, 7.95 trillion, 8.69 trillion, 9.51 trillion and 10.4 trillion.
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According to the Audit Commission's announcement of the end of 2010 local government debt balance of the bank loans and bond issuance size of 9.22 trillion yuan, significantly higher than the local government debt of reasonable size. As local government June 30, 2013 bears the responsibility to repay the debt amounted to 10.88 trillion,louboutin pas cher femme, or more than the above-mentioned reasonable size.
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Although both the size of the debt has been exceeded, the report pointed out that the formation of local government debt has its own rationale. Progress of urbanization lags behind industrialization, with the acceleration of urbanization construction, the demand for infrastructure improved accordingly. Expenditure in accordance with the division of responsibilities, infrastructure investment is mainly the responsibility of Intergovernmental place. Such projects require a lot of initial start-up capital, while normal local government revenue is balanced, infrastructure financing needs and local income does not match, forcing local governments rely on borrowing for construction.
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According to the annual report of the Statistical Yearbook of the infrastructure investment amount, excluding state budget funds, the Ministry of Railways Railway investment, the central enterprises to invest the amount of electricity, heat and water production and supply after the local government debt is equivalent to the input obtained in 2006 2011 local debt amount 2.02 trillion, 2.21 trillion, 2.46 trillion, 3.49 trillion 4.26 trillion and 4.26 trillion.
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Wherein, after 2008 4 trillion fiscal stimulus package in 2009,louboutin paris, the local government infrastructure investment and debt capital both rapid growth; and as of 2011 the state has increased investment and financing platform for local management and control of local investment impulse has weakened so in 2011 and 2010, roughly the same amount of local government debt.
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China's economic growth, investment has played a significant role. According to Bureau of Statistics data in 2013, the annual investment in fixed assets of 43.6 trillion yuan, accounting for 56.8 trillion GDP accounting for 76.7%. Well successive Central Economic Work Conference stressed the key role played good investment on economic growth, but this critical work appears to be largely borne by local governments.
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The report notes that the proportion of investment from the point of view, the local government investment function in growing since 2000, the central project total investment has dropped from 23.93 percent in 2000 to 7.21% in 2011.
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The report notes that infrastructure projects often have an initial investment, long benefit period features, if totally dependent on the current local financial income investment, the current will cause great pressure on local finances, but also makes between present and future generations the costs and benefits distribution imbalances that allocation intergenerational injustice. So, we asked to see intergenerational equity to debt financing infrastructure construction is reasonable.
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The Proposal does not reveal all the details of local government debt
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Research Group survey found that the vast majority of local officials believe that once the local debt problems, in order to prevent local government debt and too many fail commercial banks too big to fail,adidas superstar, the central government will maintain macroeconomic and financial stability for the needs of take measures to reveal all the details.
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Local government debt has its rationality, but partly because of the local government reveal all the details of the central state of mind that makes the SBC local government debt scale rapid expansion.
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Some tax experts also said that in 2008, 4 trillion stimulus package,louboutin, the central macro-control policies, local government matching funds, increasing the risk of local government debt accumulation, the central government needs to bear some responsibility.
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State Council Document No. 43 clearly indicates to harden budget constraints prevent moral hazard, local governments bear the responsibility to repay its borrowing debt, the central government does not implement the principle of aid. Under the new amendments adopted by the "Budget Law", only the provincial government borrowing within the approved limit the scope of the State Council,golden goose sneakers, and only through the issuance of government bonds.
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This opinion, management was too strict in many tax experts, local government autonomy is not enough. One member of the group's financial and tax Dean of Central South University of Political Science Chen Zhiyong, on 21st Century Business Herald reporter said that in our country not perfect financial management system, management level is not high enough in the context of local debt issuance management strict rules is out of risk prevention. But urbanization investment of our country,maglie calcio, the heaviest burden is city and county government, in the long run give creditors may be further liberalized.
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Shaun Tan further said that central to local government debt is not clear that the aid does not reveal all the details, emphasizing who borrow who, at your own risk, local governments also need to support research insolvency regime needs to have a system similar arrangements bankruptcy. Government bankruptcy,moncler prezzi, does not mean that the government is gone, but to liquidate the assets of the existing, relevant personnel should be held accountable, how the existing debt payment processing.
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The report recommends improve laws and regulations of local government debt management. Elaboration of "Local Government Bond Law", the overall qualification for local government borrowing, approval procedures, use of funds, issue size, traded and other detailed provisions and define the higher authorities, the NPC for deliberation at all levels of supervision and approval authority. Elaboration of "local government bankruptcy law" clearly local government debt risk should bear the responsibility for the legal,louboutin prix, when the local government insolvency, allow local governments to declare bankruptcy, and provides for debt restructuring and debt settlement program, to determine the superior and central government where responsibility.
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Number of county debt will rise it?
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As for the local debt risk, the report pointed out that as China's land, banks and large companies controlled by the government, the government also has the power of the executive regulation, less likely to produce a wide range of local government debt default.
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According to the Audit Commission report, with the debt ratio (debt balance accounting for the government's comprehensive financial ratio) and the old rate of new borrowing to consider more than a certain number of local government risk line has increased. As the end of 2010 the debt ratio over 100% for the 78 municipal governments, to the end of June 2013 this number increased to 99.
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The report notes that the lower levels of government, revenue for guarantee wages, operation, people's livelihood funds accounted for the higher financial flexibility to fund the disposal of the smaller size. Thus, if eliminating this part of the rigid expenditure, the number of county-level government debt ratio over 100% more likely there was a substantial increase.
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In addition to the financial risks, and financial risks. Audit report shows that the stock of bank loans in local debt still accounted for the largest, with the tightening of bank loans, trust loans, financial leasing, financial products, BT disguised debt financing emerged.
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The report notes that compared with bank loans,ed hardy bracciali, trust products shorter term, higher interest rates, not only increase the debt burden of local governments,dior bracciali, but also with a further deterioration of the debt maturity, increasing refinancing risk, financial safety and security to the region.
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Wherein, due to the overall county economy weak, urbanization and industrialization is not high, in a weak financial capacity and lack of adequate short-term land development potential; and the largest number of county government financing platform, accounting for 72.4% of the total number of all financing platform, but its management, earnings and the size of the relatively poor quality of assets, the largest potential risks. Meanwhile, the county financing platform loans mainly for local financial institutions, residents, local governments if the breach of contract, local financial institutions will cause a lot of bad assets, and could easily lead to mass incidents.
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Report deduced, by the end of 2012, local financing platform loans, about 40% came from local commercial banks and joint-stock commercial banks, especially city commercial banks and agricultural firms. The report notes that the local government as a major shareholder of these banks, loans to local financing platform for higher ratios, such limited size of bank assets, poor ability to resist risks, by the intervention of local governments are more likely to become the high financial risk areas and outbreaks point.
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Improve debt service reserve system
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The report notes that debt management should follow the golden rule and the sustainable rules. The former requires only local debt for capital expenditures, not be used for recurrent expenditures; the latter requires the balance of local government debt and debt service that year and other indicators of the proportion of total government revenue must be controlled at a stable and prudent level. These are related to provisions in the new "Budget Law."
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For decision-making on debt management mechanisms,louboutin prix, the report recommends the establishment of management decisions by local government bodies related to leadership and authority of the experts; but also the establishment of local debt fund management mechanism for co-ordination of debt money management, debt audit tracking the use of funds.
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Research group found that most cities have a clear debt provisioning requirement, but many cities are present provision shortage. Report that future projects should be identified as a major source of debt service remit reserves, debt service reserve to protect the stability of financing sources and correspondence.
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Shaun Tan said the so-called project remit, refers to the project cash flow generated by the operation, such as a road project may generate fee income, provision should be used as part of the repayment of funds from the fee income.
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