国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

left corner left corner
China Daily Website

Local debt concerns

Updated: 2012-08-30 08:14
( China Daily)

The Chinese Finance Minister has said the country's county-level governments have seen their fiscal conditions improve significantly.

While this news offers some cause for relief, policymakers should not let their guard down amid the persistent debt burdens that local governments find themselves laboring under.

Things have gone smoothly in China's use of a fiscal-guarantee mechanism to ensure that county-level governments have the resources they need to carry out their duties, Xie Xuren, minister of finance, told national lawmakers on Wednesday.

Since 1994, when the country reformed its tax distribution system in a way that caused more revenue to go to the central government, local governments have complained that they lack the resources they need.

The concerns have only become stronger in recent years, leading some local governments to collect fees in what appears to be an arbitrary manner. Many such governments have also taken to borrowing large sums to make up their deficits, becoming heavily indebted as a result.

By the end of 2010, local governments in China carried about 10.7 trillion yuan ($1.7 trillion) in debt, according to official auditing results.

Even so, their fiscal conditions have improved, largely thanks to fiscal transfers from the central government and an increase in tax income, the finance minister said.

In the first seven months of the year, 3.29 trillion yuan was transferred from central coffers to county-level governments, more than 80 percent of the yearly target, the minister said.

Still unknown to the public, though, is the amount of debt these governments carried on their books by the end of 2011, making it difficult to tell if they truly have become less indebted. Debt troubles often come to the fore when general economic conditions worsen, as the recent histories of many Western countries have shown.

A continued deceleration in China's rate of GDP growth will only threaten to make the indebtedness of grassroots governments more harmful to the economy.

Policymakers, therefore, should avoid letting the apparent improvement in county-level government's accounts lull them into complacency.

(China Daily 08/30/2012 page8)

8.03K
...
辽源市| 丹棱县| 梁平县| 富蕴县| 基隆市| 甘谷县| 阳西县| 怀宁县| 深州市| 韩城市| 广东省| 界首市| 昌黎县| 万州区| 天台县| 白朗县| 长汀县| 墨玉县| 巨野县| 乌鲁木齐县| 岱山县| 铜川市| 东阳市| 安岳县| 庄河市| 丰都县| 大名县| 莱阳市| 比如县| 图们市| 澄江县| 平陆县| 海阳市| 拉萨市| 秦皇岛市| 潜江市| 敦煌市| 铁力市| 宜章县| 拜城县| 枣强县|