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

USEUROPEAFRICAASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

Govt debt and urbanization

By Mike Bastin | China Daily | Updated: 2013-07-31 09:49

The State Council, China's cabinet, has directed the National Audit Office to audit all local government debt accounts, reflecting the rising concern over debt levels amid the economic slowdown. Of late, disappointing trade figures, combined with lower than expected second quarter GDP figures, have increased the pressure on the central government to introduce some sort of financial stimulus package to boost the economy.

Many experts, however, are warning against any such stimulus for the urbanization drive. The problem is local governments' debts, which have been in the news ever since the central government announced a 4-trillion-yuan ($652-billion) stimulus package in 2008 to overcome the shocks of the global financial crisis. In fact, the experts say it's the stimulus that helped create this mountain of debt.

According to official data, local government debts today exceed 12 trillion yuan, although ratings agency Fitcsh suggests the figure could be as high as 13 trillion yuan, or a quarter of China's GDP.

Fears that fresh, and perhaps substantial, funds (or rather loans) from the central to the local governments will add to this mountain of debt are well founded. But local governments' reckless lending and profligate spending alone cannot be blamed for the problem.

Changes in the tax laws in 1994 forced local governments to depend on areas other than taxation as their main source of revenue. And they found land (or the transfer of land-use rights) a convenient and lucrative alternative. Since local governments cannot depend on income from taxation, one can understand their desperation to seize the opportunity offered by land.

But with local government debts threatening to turn into a national debt crisis, the central government has to either exercise tighter control or change its funding pattern. The central government has to take immediate measures to rein in excessive local government spending and enforce austere spending limits. For instance, it can impose severe financial penalties on local governments that cross their spending limit. In this regard, China could learn from the United Kingdom where local government finances are strictly managed.

To prevent the recurrence of such humungous local government debt in the long term, the central government should review the nature of urbanization and determine whether spending and debt are vital ingredients of urbanization.

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: 久久777国产线看观看精品卜 | 婷婷综合色伊人阁 | 成年人的毛片 | 国产免费一级精品视频 | 蜜桃视频一区二区三区四区 | 成 人国产在线观看高清不卡 | 婷婷在线网站 | 欧美日韩视频在线 | 亚洲视频一二三 | 黄色污在线观看 | 欧美成人特黄级毛片 | 亚洲欧洲日产专区 | 91探花在线播放 | 亚洲欧美专区精品伊人久久 | 国产精选在线播放 | 国产精品99久久久久久人 | 夜夜拍夜夜爽夜夜拍拍拍 | 免费一级黄 | 国产91精品不卡在线 | 欧美香蕉视频在线观看 | 亚洲欧美中文在线观看4 | 免费看欧美xxx片 | 国产精品尤物在线 | 欧美一区二区在线播放 | 久久这里只有精品23 | 麻豆视频在线免费看 | 老人毛片| 视频一区二区三区蜜桃麻豆 | 亚洲爱v| 美女美女高清毛片视频 | 亚洲精品国产成人7777 | 黄色片免费在线 | 人成免费a级毛片 | 亚洲天堂一区二区三区四区 | 一级黄网| 欧美日韩国产人成在线观看 | 91老司机免费精品观看 | 精品自在线 | 日韩一级片免费 | 欧美日韩a | 亚洲线精品一区二区三区 |