三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

US EUROPE AFRICA ASIA 中文
Business / Economy

Inland govts' debt 'more risky'

By Zheng Yangpeng (China Daily) Updated: 2014-03-26 08:31

"From a ratings perspective, we can say debt in Chongqing and Guizhou is more risky than in Guangdong and Jiangsu. But we cannot predict whether they will default or not," Guan said.

Local governments can repay debt using many strategies beyond drawing on fiscal revenue, Guan noted.

Inland govts' debt 'more risky'

Inland govts' debt 'more risky'

A primary option is to roll over debt. Many local governments are already doing that, either by taking out new loans or asking banks to extend the repayment period of maturing debt.

Another strategy, said Guan, is allowing local governments to issue bonds directly. They can then replace the old debt, usually with a short maturity and a high interest rate, with bonds, usually with a longer maturity and a lower rate.

The central government has already signaled its willingness to give local governments some autonomy to issue municipal bonds. Finance Minister Lou Jiwei told a forum over the weekend that the government is considering the possibility.

"It's not fair if projects that will benefit future generations are funded only through the tax payments of the current generation. So it's ok to issue some bonds, but under strict conditions," Lou said.

Analysts said this would be an important shift, because municipal bonds, which usually have long maturities and low rates, match the financial profiles of projects that local governments borrow to pay for.

"A majority of local government debt has been invested in infrastructure projects. The nature of these projects means their short-term cash flow is often insufficient to cover debt payments," said Song Li, a researcher with a think tank under the National Development and Reform Commission.

"However, barred from issuing bonds, local governments have taken to raising short-term debt for long-term purposes. The real problem for China's local governments is maturity mismatch. Municipal bonds can address the problem," Song said.

Guan agreed, saying: "If inland regions can issue a 30-year municipal bond, you really can't say that they won't be able to repay it within 30 years."

But Guan also warned that compared with coastal provinces, inland provinces have pronounced "transparency" and "management" issues.

With a weaker governance capacity, it's uncertain they can use debt efficiently, Guan said.

"A key question is whether they can use that money to invest in projects that really foster wealth creation.

"If they can enhance their repayment capacity, it should be no problem. Otherwise, it is risky," Guan added.

Inland govts' debt 'more risky'
Top 10 cities with best air quality in China

Inland govts' debt 'more risky'
China's top 10 richest cities

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 欧美特黄级乱色毛片 | 伊人久久久久久久久香港 | 国产在线观看午夜不卡 | 加勒比一本大道香蕉在线视频 | 久久www免费人成看片色多多 | 91青青草视频在线观看 | 97在线国产视频 | 黄色在线视频播放 | 青青久久精品国产免费看 | 欧美一级特黄真人毛片 | 18日本xxxxxxⅹxx96 | 日本亚洲成高清一区二区三区 | 在线观看免费高清激情爱爱 | 国产一区二区三区免费看 | 久久国产免费观看精品1 | 久草免费福利资源站在线观看 | 青草伊伊 | 在线97视频| 真人视频一级毛片 | 国产亚洲高清在线精品不卡 | 亚洲国产二区三区久久 | 欧美黑人乱大交灬太大了视频 | 亚洲黄色网址 | 国产日韩欧美一区二区 | 午夜视频在线观看国产www | 中文字幕一区精品欧美 | 91精品国产高清久久久久久io | 黄p片| 狠狠操影院 | 亚洲性色永久网址 | 久草小区二区三区四区网页 | 国产综合色在线视频区色吧图片 | 色综合久久98天天综合 | 91精彩视频在线观看 | 一级做a爰片性色毛片刺激 一级做a爰片性色毛片视频图片 | 91最懂男人的午夜社区 | 婷婷综合网站 | 亚洲图区综合 | 麻豆传媒免费入口 | 欧美成人tv在线观看免费 | 久久是免费只精品热在线 |