Increase in local government debts decelerates
Print Edition
CHINA has seen slowing growth in local government debts since the middle of last year, an annual audit report showed yesterday.
The balance of debts for the nine provincial governments and nine city governments audited by the National Audit Office grew by an average of 3.79 percent from the end of June last year to the end of March. The figure is 7 percentage points below the average rate for the first half of 2013, according to the office’s 2013 report to the Standing Committee of the National People’s Congress.
The report said local governments at various levels were liable for a total direct debt of 20.69 trillion yuan (US$3.3 trillion) at the end of June last year, as well as another 9.5 trillion yuan in debts with limited liabilities.
It also exposed a number of local debt problems such as overdue debts and investors backing out of contracts.
At the end of March, nine audited provincial governments still had previous arrears of 821 million yuan, even though they had borrowed 57.9 billion yuan over the last nine months to repay due debts.
Four of the nine audited city governments financed 15.7 billion yuan through non-procedural government guarantees or mortgages, and used 10.8 billion yuan in real estate and other projects in breach of the contract.
Four provincial and city governments raised 6.9 billion yuan through non-public financing tools like private placement bonds, which are not in line with the rules.
Two of the 18 governments do not have a debt management system and nine have not established a debt risk early-warning system, the report said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
