Sunday, January 15, 2012

Local debt " black hole " cause arrange of audit of central height vigilance sift

"Recently, according to requirement of the State Council, audit arrange will organize countrywide audit mechanism to have audit to governmental sex debt. " website of national audit arrange a of 28 days of hang out short message, the instant spreads everywhere to the market, release debt of intense signal ——— local government " black hole " had caused vigilance of the height central. The expert thinks, of local government the key that violating compasses financing act will be this audit, at the same time countryside situation of debt of one class government also hopeful brings into audit.

Media coverage says, audit arrange already began to groom at present, will take a place entirely at will rising on August 1 " economic reference signs up for " the reporter contacts audit office at 28 days at this point, enquire its to undertake the relevant matters concerned such as the specific timetable of audit and measure measure to debt of countrywide government sex, nevertheless, chief expresses related audit arrange office of information, "The job still is in the process, can offer without more information release. Can offer without more information release..

The debt tbrass faucet aerator hat governmental sex debt includes local government to have countervail to return responsibility, have assure the debt of responsibility and a few other and relevant debt, especially the debt of company of platform of financing of a few places. Undertake to governmental sex debt comprehensive audit is not first time. Audit arrange ever was saved 31 times at coming to was opposite in May in March 2011 (municipality, municipality directly under the Central Government) with 5 plans sheet lists this city class and place to belong to city (the ground, city, alliance, area) , county (city, area, banner) 3 class local government (the following abbreviation. The result shows, up to by 2010, outside doing not have governmental sex debt except government omodern dining chairsf 54 counties class, countrywide province, city, county 3 class remaining sum of debt of local government sex adds up to 10.7 trillion watch casesyuan. After this, audit arrange had not had audit of national governmental sex debt, and came in November 2012 between Feburary 2013, audit arrange ever also was opposite 36 local government sithe best selling north face shirtstuation of governmental sex debt had this class since 2011 audit.

modern dining chairsInternational Monetary Fund (IM F) announthe most popular watch casesced his to be evaluated to level of Chinese government debt first this year in July say, 2012 debt of broad sense government (include in the center of reach what did not include a place budgetary with local budgetary, if local infrastructure builds defray) 45% what already exceeded G D P. And hit a bank to was released a few days ago according to broken bits " Asian debt is old bottom " report estimation, up to 78% what debt of end China government occupied G D P 2012. Although the orgnaization of many home or abroad gave out all sorts of estimation, but the authoritative statistic that at present dimensions of governmental sex debt does not have the government.

"Debt of sex of how many local government does China have after all? This says even him local government not clear. Have comprehensive governmental sex audit only, ability provides more sufficient information to governmental debt management. " Yang Zhiyong of researcher of academy of strategy of finance and economics of the Chinese Academy of Social Sciences is right " economic reference signs up for " the reporter expresses. The personage inside course of study expresses, structure of time limit of local government debt how, means preparing borrows with what, countervail debt ratio is how oldwatch case opener, honor the agreement record how, the capital that forms by local government debt handles a case how, whether can invests project maintain debt to repay by oneself with have enough to meet need, these need authoritative statistic.

Wang Yongjun of dean of academy of finance and economics of university of central finance and economics is accepted " economic reference signs up for " when the reporter is interviewed, point out, "Try to find out the real intention this audit of governmental sex debt is countrywide limits, I estimate meeting comparing the audit of local government debt 2010 is more complete, more comprehensive, basically be to look since 2010 local government increased how many debt newly again. " media coverage says, unlike the 3 class 2010 local governmenthe most popular norton internet antivirust audit, this audit arrange will is opposite in the cenbrass faucetter of, debt of sex of 5 class government has province, city, county, native place try to find out the real intention investigation, added pair of rural area newly the audit of one class debt. Be aimed at the view of audit of 5 class government, chief did not give related audit arrange office of information confirm, inside course of study nevertheless the expert looks, this kind of possibility is very large. A personage that is close to the Ministry of finance ever expressed to the reporter, "In a few countryside and county, local government finance and debt problem are very serious, be worth to take snorton internet antiviruseriously particularly. Be worth to take seriously particularly..

"Should say, now risk of debt of local government sex relatively concentration. But, the risk has many after all tall, can translate into crisis, can out of control, we return the statistical channel with complete neither one now. " Wang Yongjun tells a reporter " crucial now one step identifies namely, early-warning, where to see have the crisis. The heavy name a person for a particular job of audit is right violate the audit of compasses, violate for instance compasses assure, violate financing of plan loan, debt violate compasses use etc. How many does the debt that knows local government through this process have after all, can provide valuable information for early-warning. Can provide valuable information for early-warning..

And the market worries about this audit to will arise to the market " seismic type " influence. Smooth old negotiable securities ever predicted, the tool of financing of Chinese local government that second half of the year expires this year (LG FV) has a RMB about 127 billion yuan (add up to) of 21 billion dollar, be equal to almost first half of the year double 62.7 billion yuan, dimensions is since 2000 highest. The sea connects negotiable securities Li Xun thunder indicates chief economist, look from market point of view, the risk of local debt is very big. He explains further, "Local government often returns dead horse through borrowing new debt, after audit is entered, check more seriously to financing source, it is so not easy to raise new debt. If do not let,borrow new debt, so of dead horse repay pressure is greater. This kind of risk is catholicity. " nevertheless, li Xun thunder also points out, bond of the bank loan related to local financing platform, enterprise, fiducial product can suffer an effect, the model of hair guild regulations of the product may decrease, the impact of other nevertheless side should be not big.

Actually, be in China, debt of local government sex has been become and the risk with estate likewise fetching and anxious bubble, even somebody worries about China because certain local government is excessive raise debt and be faced with go bankrupt the crisis. How can you just dissolve local debt crisis thoroughly? Yawatch case manufacturerng Zhiyong points out, the reform of sex of this need system " the problem that should solve debt of local government sex, cannot rely on to block up, can rely on dredge only. So, want to unlock local government proper motion to deliver the power of debt stage by stage, debt is more only transparent, the risk just is on guard more easily. Already 6 save city to undertake sending debt by oneself now pilot, but scope is little still, future needs further spread to allow. " Yang Zhiyong says.

Wang Yongjun points out, "Local government pays no attention to duty debt, ask duty achievement in one's post. The method that the official gives achievement in one's post is very simple, lend money namely. Waited when to wanting repay a debt, the leader has been transferred or promote to a high office. Debt asks duty the flaw of the mechanism nots allow to ignore. Debt asks duty the flaw of the mechanism nots allow to ignore..

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