久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Business / Markets

Chinese local govt bond issuance gains momentum

(Xinhua) Updated: 2014-08-22 10:00

Challenges to credibility

As a burgeoning business, the local government bond issuance still faces many challenges.

The introduction of credit ratings is a distinctive feature of the bond issuance this time, but the eight regions that issued bonds in the past three months all got AAA ratings, the highest grade assigned to a debt product, regardless of their economic development level.

The rating is higher than the AA and AA+ normally assigned to the majority of bonds issued by the LGFVs, suggesting the issuer's strong ability to repay.

The underdeveloped northwestern Ningxia Hui autonomous region and the eastern Jiangxi province were rated the same as booming Guangdong province and Shanghai, which stirred doubts among investors as to the credibility of the ratings system, which is meant to allow investors to gauge risk.

"It's hard to judge the credibility of the rating as basic data, including the balance sheets of local governments, has not been released," said Zheng Chunrong, professor with the Shanghai University of Finance and Economics.

The ratings for the eight regions were offered by three independent ratings agencies: Shanghai Brilliance Credit Rating and Investors Service Co Ltd, China Credit Rating Co Ltd and Dagong Global Credit Rating Co Ltd.

Meanwhile, repaying funds raised through municipal bonds will put local government budgets to the test. Without imposing proper fiscal discipline, it will be a challenge to put the issuer's fiscal strength in perspective, according to Lu Zhengwei, chief economist with Industrial Bank Co Ltd.

Having proper budgetary constraints will be a determining factor when reviewing a local government's eligibility to issue municipal bonds, he added.

Minister of Finance Lou Jiwei said in early July that the Chinese government will expand the pilot bond issuance program.

At the same time, Lou called for local governments to make public their balance sheets and for a mechanism to be established to ensure local governments are held accountable for their debts.

The eight regions to have issued their own local government bonds so far are Guangdong, Shandong, Jiangsu, Jiangxi, Ningxia, Qingdao, Zhejiang and Beijing. Shenzhen and Shanghai are scheduled to make the move before the end of 2014.

Chinese local govt bond issuance gains momentum
Chinese local govt bond issuance gains momentum
Guangdong helps kick off new era Municipal debt market takes big step forward

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 九九视频免费观看 | 国产精品美女一区二区 | 在线a人片免费观看国产 | 日韩精品三级 | 久久久久久88色愉愉 | 中文字幕二区 | 97视频在线免费播放 | 久热久操 | 精品三级视频 | 亚洲网站视频在线观看 | 国产精品久久久久久爽爽爽 | 最近中文字幕在线 | 中文 | 欧美a一片xxxx片 | 69性欧美 | 国产成人久视频免费 | 成人合集大片bd高清在线观看 | 久久国产精品免费网站 | 88av视频在线 | 日本韩国一级片 | 黄页网站18以下禁止观看 | 美女视频黄在线观看 | 国产精品三区四区 | 国产成人精品女人不卡在线 | 日韩一级伦理片 | 鲁老汉精品视频在线观看 | 欧美一区二区三区国产精品 | 一级成人毛片免费观看 | 一级一级毛片看看 | 一a一级片 | 国产一区二区三区毛片 | 国产一区二区在线不卡 | 99九九精品视频 | 久草福利资源 | 亚洲最大的视频网站 | 日本高清福利视频在线观看 | 国产日韩精品一区二区在线观看 | 青青影院一区二区免费视频 | 末成年娇小性色xxxxx | 高清一区在线 | 欧美极品欧美精品欧美视频 | 国产三级视频网站 |