• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    He Wan Man: Trillions Of Replacement Debt Highlights Local Financial Difficulties

    2015/3/14 20:44:00 40

    He Wan ManReplacement DebtLocal Finance

    China's local government is about to issue 1 trillion replacement debt, becoming the biggest financial news this week. After careful taste, the days of local finance in China are not so good.

    According to the audit report of the national debt of the Audit Commission, by the end of June 2013, the local government had three debts, 10 trillion and 900 billion yuan in debt and 2 trillion and 700 billion yuan in debt, and 4 trillion and 300 billion yuan in debt. There are three prerequisites for the issuance of the 1 trillion replacement bonds: one is the first debt, which is the "local government's direct debt repayment obligations"; the two is for the repayment of debts due in 2015 (186 million yuan); the three is for the replacement of bank loans (in 10 trillion and 900 billion of the debts, bank loans accounted for 56.56%). That is to say, if more than 1.8 billion debt expires in 2015, if there is no 1 trillion replacement debt, more than half will probably not be able to repay it on time. The expiry of July 2013 to December and 2014 is larger than that due in 2015, accounting for 22.92% and 21.89% respectively, and only 17.06% in 2015.

    Why in 2013-2014 years? Local debt At the peak of the repayment period, when the local government is facing the biggest debt repayment pressure, there is no debt replacement, but now the debt is relatively small. Instead, it is necessary to issue bonds. Although the new budget law will be implemented this year, the local government debt must be disclosed, but it also highlights the local financial life this year. Otherwise, land finance has shrunk dramatically. Statistics released by the Statistics Bureau show that in 1-2 months, the land acquisition area of real estate development enterprises decreased by 31.7% compared with the same period last year. The land transaction price decreased by 30.2% compared with that of the previous year, and only 69 billion 900 million yuan in two months. If it is still at a rate of two months and 70 billion, it will be 4000-5000 billion a year, 3-4 trillion in the past year, and 426 million yuan in 2014. The expenditure of local governments is getting bigger and bigger. Most of the pension problems, education problems, medical problems and so on, which are most concerned by the NPC and CPPCC this year, depend on local financial resources. It appears that the issuance of 1 trillion replacement bonds this year is only the beginning. Next, "replacement bonds" as a new breed of bonds will continue to meet investors.

    Of course, on the other hand, the issuance of local government debt replacement. bank loans It is also the voice of banks. The non-performing loan ratio of China's banking industry has been rising for 6 consecutive quarters, of which local government debt is the biggest hidden danger. Why is the valuation of bank shares only 5-6 times? Because of this, trillions of replacement debts have just landed, and bank shares have heard "debt" dancing.

    The 1 trillion replacement debt issued by the State Council is actually borrowed from the new and old ones. Borrowing is long, borrowing is low (interest rate) is high (interest), changing loans (indirect financing) is bonds. Direct financing In the final analysis, it is by increasing the leverage ratio of the society and family to reduce the leverage ratio of the government. This has many advantages, such as reducing the government's debt burden and debt cost, lowering the non-performing loan ratio of commercial banks, and so on. But in essence, it is the replacement of short-term debt into long-term debt. Now we call "the three phase superposition", one of which is "the digestion period of the previous policy". Yes, nearly 20 trillion of the local government debt has been accumulated over the past few years. Now, after the debt has been moved back, will we face another "prophase policy digestion period" after a few years?


    • Related reading

    Gold Price Of Strong Dollar Fell 1% Weekly

    Macro economy
    |
    2015/3/14 18:45:00
    53

    The Central Bank Of China Will Not Be The Ultimate Buyer Of Local Debt.

    Macro economy
    |
    2015/3/12 19:28:00
    58

    Lu Commissar: Traditional Wisdom, Capital Flight Strategy And Policy Misjudgement

    Macro economy
    |
    2015/3/11 12:01:00
    36

    PPI Deflation Aggravated CPI's Rebound: Where Does Monetary Policy Go?

    Macro economy
    |
    2015/3/10 15:25:00
    43

    Zhu Guangyao: The International Economic Situation Is Uncertain And Should Be Handled With Caution.

    Macro economy
    |
    2015/3/9 19:00:00
    37
    Read the next article

    How Does Britain Want To Join Asia Investment Bank?

    The European economies have been in tandem with the United States for a long time. But in recent political events such as Ukraine, there are certain differences of interest with the United States. But because of the interests of the whole, the allies can only seek common ground while reserving differences.

    主站蜘蛛池模板: 美女脱了内裤打开腿让你桶爽| 亚洲成熟人网站| 日韩内射美女片在线观看网站| 午夜时刻免费实验区观看| 2019中文字幕无线乱码| 新婚张燕被两个局长| 亚洲理论在线观看| 色天使亚洲综合一区二区| 国内一级黄色片| 久久66热这里只会有精品| 欧美综合自拍亚洲综合图片区 | 4408私人影院| 揉美女胸的黄网站| 亚洲国产精品成人综合色在线婷婷 | 国产色产综合色产在线观看视频| 久久久噜久噜久久gif动图| 毛片基地免费视频a| 国产一级特黄高清在线大片| 91久久大香线蕉| 成人羞羞视频网站| 亚洲videosbestsex日本| 窝窝午夜看片国产精品人体宴| 国产日产久久高清欧美一区| eeuss影院www在线观看免费| 日本韩国欧美在线观看| 亚洲欧美激情在线| 美女被爆羞羞网站免费| 国产激情自拍视频| g0g0人体全免费高清大胆视频| 日本理论在线看片| 亚洲日韩欧洲无码av夜夜摸| 精品女同一区二区| 国产在线精品一区二区在线看| 97人洗澡人人澡人人爽人人模| 把水管开水放b里是什么感觉| 亚洲人成电影院| 特级毛片a级毛片免费播放| 国产a国产片色老头| 色婷婷丁香六月| 国模gogo大胆高清网站女模| 丝袜高跟浓精受孕h文|