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

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / View

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: 婷婷亚洲久悠悠色在线播放 | 加勒比一本一道在线 | 午夜爽爽视频 | 国产精品毛片一区二区三区 | 欧美精品一区二区三区视频 | 成年女人毛片 | 国产免费久久精品99 | 欧美一级视频免费看 | 国产在线观看免费人成小说 | 亚洲精品久久久久午夜三 | 九九精品视频一区二区三区 | 成人国产精品免费视频不卡 | 欧美色视频日本片高清在线观看 | 国产欧美久久久精品 | 国内精品久久久久影院亚洲 | 一级片 mp4| 欧美日韩中文字幕在线观看 | 88av视频在线 | 美女被靠视频免费网站不需要会员 | 久草热草 | 午夜爽| 免费看成人毛片 | 女人张开腿让男人添 | 怡红院成人网 | 一个人看的www日本高清视频 | 国产成人精品日本亚洲语音2 | 九九久久精品这里久久网 | 亚洲国产精品大秀在线播放 | 国产福利一区二区三区 | 女人精aaaa片一级毛片女女 | 日日摸人人拍人人澡 | 99爱视频精品免视看 | 欧美成人免费香蕉 | 最新理论三级中文在线观看 | 亚洲国产一区二区a毛片日本 | 久久久久久久久国产 | 黄色w站 | 亚洲第一网站免费视频 | 高清视频 一区二区三区四区 | 波多野结衣在线观看免费区 | 欧美一区二区三区在线 |