The Government Has Been Allowed To Launch &Nbsp For Issuing Bonds; Financing Is Difficult Or Will Be Cracked.

It is reported that Shanghai, Zhejiang, Guangdong and Shenzhen.

The policy is not without warning.

Previously, the Zhejiang provincial finance department has allocated the amount of local government bonds in 2011 to the cities and counties according to the requirements of the Ministry of finance.

The local government issued its own debt issue, which has profound implications.

First, there is a slight difference between the issuing body and the central government. The pilot area is no longer issued by the Ministry of finance.

Secondly, the development of local economy is quite different. In accordance with the market pricing principle, the developed areas and low debt areas can enjoy high credit rating, and the issuing cost is low, otherwise the cost is high.

Once again, the power of debt management is still in the central part, but allowing local governments to issue their own bonds, and then may pition to independent issuing bonds, marks a further step for local governments' independent financing.

Finally, the more developed economy, better financial conditions and more financially marketable areas are more suitable for pilot projects.

More importantly, the pilot of local governments issuing bonds voluntarily is an important pformation of the state's financial management ideas, which is intended to alleviate the tight local finances and solve the local debt problems that plagued investors for a long time.

The audit results of the local government debt issued by the Audit Commission in June showed that as of the end of 2010, the balance of local government debt at three levels in cities and counties nationwide was about 10 trillion and 700 billion yuan.

Among them, the debt of the financing platform is about 4 trillion and 970 billion yuan.

From the deadline, 2011 and 2012 are the peak of debt service and interest rates. The continuous tightening of real estate regulation and monetary tightening has led to the increasing financial revenue of local governments since 2010.

Of course, whether there is a deeper policy direction in the pilot stage, we should observe the next specific measures.

The three quarter economic data show that the overall economic growth is still stable. However, looking ahead, the "three carriages" have hidden worries. Although credit risk exposure in some areas is still controllable, the social impact and pmission effect can not be underestimated.

This calls for a fine adjustment of the pre tightening macroeconomic regulation and control policy.

The pressure of high inflation limits the space for monetary easing, and the partial problem of financial governance can not rely on simple and extensive "big blood pfusion".

There is a lot of monetary policy constraints. It is logical to make reforms in the financial sector.

The institutional reform dividend is the premise for ensuring sustained and steady growth of China's economy. The recent comprehensive financial reform and local government's own debt issuance is an important step.

It may be a timely rain for Wenzhou, which is slightly depressed in the current situation and bottlenecks in financing. For small and medium-sized shoe enterprises in Wenzhou, it should be considered as a sedative, but the implementation of local independent issuing rights does not mean that the small and medium-sized shoe companies will have to take refuge in the short term.

But the effective adjustment of the policy will surely be a booster for the healthy and orderly development of the market. The small and medium-sized shoe enterprises in Wenzhou are groping for the guidance of the policy and the practice of their pformation and upgrading.