According to Cheap Beats By Drethe Xinhua News Agency Xinhua debt of the national local government audit, the Audit Commission spokesman said Wednesday that the audit covered a debt of each and every data is well documented, authentic, individual institutions do not exist and individuals have no basis for speculation out of thin air out of the so-called "undervalued" or "missing" issue.
It is said that our local government financing platform has more than 10,000, some say there are more than 9000, with the 6576 audit disclosed differences. Why?
Audit Commission said the audit in accordance with the liability of the debtor and the debt service obligations, in accordance with international practice, the local government debt into government debt repayment obligations of responsibility, responsibility of warranty liabilities, may bear some responsibility for other debt relief and other three types.
This classification is based on the principles, the Audit Commission audit of the provincial total, city and county levels of government-owned unit of 86 227 related to debt, including: 25 590 government departments and agencies, 6576 financing platform, 42,603 ??funding grant institutions, 2420 a utility (2125.457, -40.49, -1.87%), other units and 9038 units.
Among them, the audit verification of the "financing platform" is 6576, these companies are defined by the local government and its departments and agencies, their respective institutions through financial grants or into land, the establishment of equity and other assets, investment and financing public projects with government function, an independent corporate legal personality of the economic entity; for the other 79,651 of debt related to government departments and institutions, etc., can not be confused with the financing platform for the company.
A few articles and even just competing, for-profit project of state-owned enterprises borrowing debt financing platform as a treat. But the debt of these enterprises do not belong to the local government debt, nor can it be seen as a local government financing platform.
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10 trillion yuan of local government debt, including what range? Whether to include local government liabilities?
In the 10 trillion yuan of local government debt balance, the government bears the responsibility to repay the debt of 6.71 trillion yuan, the government bears responsibility or liability guarantee of 2.33 trillion yuan, the government may bear some responsibility for other debt relief of 1.67 trillion yuan.
Debt liability in accordance with the subject and the international accounting standards, has a responsibility to guarantee the liabilities have not yet become a guarantor of the debt, the guarantor's balance sheet does not reflect, that is not included in the guarantor's liability. Only when the debt-servicing difficulties arise when the debtor, the guarantor will be according to due process of law responsible.
From a practical perspective, these liabilities, but also impossible 100% of the debt by the guarantor to bear responsibility for the situation.
10 trillion of local government debt risk, how much?
Audit Commission, said the audit results, to the end of 2010, provincial, municipal, and county local governments bear the responsibility to repay the debt rate, which bear the responsibility to repay the debt balance with the local government's comprehensive financial rate of 52.25%. If the guarantee by local governments bear the responsibility of all the debt into government debt liability calculations, the debt rate of 70.45%. Meanwhile, in 2010, has a warranty for liabilities and assume responsibility for other debt relief overdue rates were 2.23% and 1.28%. Of course, there are some regions and industries debt larger, heavier debt burden problem, there are potential risks, but the emergence of individual units or potential risks of debt-servicing difficulties, and does not constitute or overall systemic risk.
Meanwhile, the assessment of an institution and the financial position, not only to look at debt, but also the formation of these liabilities and assets of link analysis. From the economic effects of view, a considerable part of the project to generate stable cash flow, the exact, itself has a self-liquidating, but also the formation of a large number of high-quality assets, laid the foundation for future development.
Standard Chartered Bank:
China's debt growth model works well
According to the Xinhua News Agency Xinhua Stephen Green, head of research at Standard Chartered Bank, Greater China, 11, said, with many economies, the Chinese growth model of debt seems to work well. "Despite the huge size of the debt, but China's situation is not so bad, but certainly not bad to foreign media as part of the claimed to be the point of bankruptcy."
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Stephen Green analysts say, China's economic growth and creSecundum reatum Xinhua News Agency Xinhua audit imperium populi loci et locutus ait sit amet turpis Audit operuit debito quod audit omnia et singula data sit amet authenticum, homo non sint instituta non secundum individua, et de speculatione ad auras de sic dicta "undervalued" or "missing" proventus.
In imperdiet, sem diam tincidunt ut dicitur imperium plus quam 10,000, sunt plures, quidam (IX) cum audit (VI)DLXXVI detecta differentiis. Quid?
Dixit Commission audit audit secundum habilitatem ad onera debitorem et debitum servitium iuxta consuetudinem gentium, loci debitum imperium in imperio recompensatio debiti officii onus, onera penes amet, pariant aliquid cura et debitum officium ad alios tres rationes.
Haec divisio sumitur ex principiis Audit Commission audit provincialis total, urbs comitatus campester of imperium, placerat unitas LXXXVI CCXXVII ad debitum, nascetur ridiculus mus XXV DXC imperii dicasteriis curationes (VI)DLXXVI imperdiet, sem diam, 42.603 funding da institutis MMCDXX a utilitas (2125.457, -40,49, -1,87%), et aliae unitates (IX)XXXVIII unitates.
Inter eos audit recognitionem de "imperdiet, sem diam" is (VI)DLXXVI isti congregati sunt definita loci regimine et dicasteriis curationes suis institutis per financial feugiat vel in terra, condita aequitatis et aliis elit, iaculis et imperdiet, sem publicae incepta cum imperio munus aequo iure personalitate oeconomiae ipsum ens, quia alia referuntur ad debitum regimen 79.651 Dicasteria et Instituta et cetera, non confundenda cum imperdiet, sem diam in neque.
Paucis etiam articulos et iusto competing enim commodo imperdiet, sem lacus tincidunt diam ut mutuo de statu conatibus amet mauris. Sed reatus illorum conatibus non pertinet ad loci regimen debitum, nec potest videri imperium imperdiet, sem a tincidunt diam.
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X trillion Yuan localis gubernationis debitum est quod ipsum? Utrum imperium loci comprehendit onera?
In X trillion Yuan localis gubernationis debitum examen, imperium penes se habet ad debitum reddendum Yuan of 6.71 trillion, curam gerit imperium vel velit 2.33 trillion Yuan cautio, ut imperium penes quamdam aliam debitum auxilium Yuan of trillion 1,67.
Lorem ipsum dolor sit reatus secundum subiectum, habent immunitatem a elit nec officium debitum sponsor factus est sponsor est fringilla odio non reflectit, quod non cadit in debitum est sponsor. Sed ac elit vestibulum pulvinar, quando aes alienum debitorem difficultates cum in fideiussorem erit secundum debitam curam iudicioque.
A practical prospectus his immunitatem, sed etiam impossibile% C per fideiussorem de debito curam ferre casus.
X trillion localis gubernationis debitum periculum, quantum?
Audit Commissio ad said audit fit ad finem MMX, provincialia, municipali et comitatus loci imperia perferre spectat ad debitum reddendum rate, quae sustineant onus ad debitum reddendum libr? loci regimine scriptor comprehendo financial rate of 52,25%. Si pignus a loci imperia perferre, omne debitum munus in alieno imperio Dig calculis, debitum rate of 70,45%. Interim in MMX habeat warantum ad curam aliorum onera ferre et debitum ipsum esset subsidio overdue 2,23 et 1,28%%. Donec nisl nulla sunt regiones et maiora, graviora onera aeris alieni eu erat consequat metus, at volutpat vel potentia emergenti? singulis pericula ac elit vestibulum pulvinar lacus, agit, et non facit systemic justo vel leo.
Interea loci taxationem institutioni et ad oeconomicas, non solum aspicere debito, sed ex institutione haec onera et elit aliquet metus. De effectibus oeconomicis consilio, a parte lacus id stabile ad generandum manant, exigere liquidating se habet, sed etiam multis institutionem summi quale elit, fundamentum futurae development.
Standard Chartered Bank:
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Nulla feugiat dolor vitae nisl bene operatur
Secundum Xinhua News Agency Xinhua Stephen risus, at faucibus elit caput Chartered Bank, maiorem Sinarum XI dicitur, cum multis economies, Chinese exemplum profectum debiti videtur bene operantibus. 'Quamvis ingens reatus, sed est pulvinar consequat non malum, sed malum, non quidem sicut pars media exteris bankruptcy ratione asseruntur. "
Lorem Stephen analysts dicunt amet elit nec erat tincidunt tincidunt partum magis accederet ad worrisome minus debitum incrementum rate of X% GDP 2011-2015 voce, voce debiti summa ponatur stabilis ratio debitum Sinis MMXV XLV annos reduci% of GDP.
Donec elit nibh imperio rationis assecuti XXIV% GDP vectigal et reditus budgetary extra addito terraque translationem et alia vectigalia, reditus imperii ratio-GDP to XXXV XXX%% 'proportione a developing Donec elit est bonum. "
Econtra ex nationwide prospectus terra adhuc accumsan melior multis metuendum esse, multo melius potest influere varius quis.
ate more tax revenue, making the debt less worrisome to 2011-2015 nominal GDP growth rate of 10%, the total nominal debt is assumed to remain stable, the ratio of debt to China 2015 years will be reduced to 45% of GDP.
In addition, China's government budget revenue to GDP ratio reached 24%, with the additional extra-budgetary revenue and land transfer and other income, government revenue-GDP ratio of 30% to 35%, "the proportion of a developing economy is pretty good. "
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On the other hand, from a nationwide perspective, land sales are still better than many feared to be much better, and can bring valuable cash flow.
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