BEIJING, June 27 -- Chinese government has always attached great importance to the management of government debt, and has established a standardized borrowing and financing system for local governments, according to a senior official with the National Audit Office (NAO).
Mechanisms such as quota management, budget management, risk disposal and regular supervision are being improved, and the momentum of government debt growth has been effectively reined in, the official pointed out.
Audit in recent years shows that overall risk of China's government debt is under control, and the good momentum of steady economic growth is maintained.
The current audit which focused on the 2016 situation reveals that, since 2017, following the standards set in an effort to regulating channels for local government borrowing, local government bonds have become the major channel of local borrowings, and the management of borrowing, lending and repayment has been increasingly standardized, with its structure continuously being optimized.
To find and solve problems, the NAO selected and audited cities and counties in 16 provinces where government debts increased considerably.
Although there was an 87 percent growth in debt balance that the local governments have committed to repay with public funds, and some counties and the western region with comparatively smaller debt balances in previous years saw their debt balances more than doubled, the average government debt ratio (the debt balance to be repaid with public funds by government divided by the comprehensive financial resources of the same government) in these regions reached 70 percent.
【国内英语资讯:Overall risk of Chinas local government debt controllable: national audit office】相关文章:
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