The Standing Committee of the National People's Congress focuses on local recessive debt: the risk is mainly in the city and county

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original title: the NPC Standing Committee focuses on local recessive debt: the risk is mainly in city county

yesterday (December 25th), the twelve session of the thirty-first session of the Standing Committee of the National People's Congress made a group discussion on the report of the State Council on the rectification of the central budget implementation and other fiscal revenue and expenditure audit in 2016. For many of the members of the Standing Committee who attended the meeting, we should attach great importance to the risk of government debt, and suggest that we should unswervingly push forward the reform of the fiscal and taxation field and gradually solve the deep-seated problems.

Lv Wei pointed out that local debt growth is fast. Although some explicit debts have been properly controlled, the growth of implicit debt and disguised borrowing is fast. The local debt stipulated in the budget law should carry out the life-long accountability system, and should strengthen the accountability and rectification in this respect.

a lot of hidden debt has not been counted

daily economic news reporter noted that some local government debt is an important part of this audit report, and hidden debt risk has become a common concern of NPC Standing Committee members. What is the hidden debt, Wang Kebing, deputy director of the Ministry of finance budget department has said publicly, is the debt of local government illegal disguised borrowing.

on other local government debt problems reflected in the audit report, the relevant local government actively promoted the rectification. On the problems of organization and management, 4 provinces, 2 cities and 2 counties have been established in accordance with the provisions of the government debt management leading group; on illegal debt problems, through the relevant local termination or Amendment Agreement, cancel the commitment letter and repayment way rectification 25 billion 350 million yuan; the remaining 28 billion 369 million yuan of illegal debt balance, and related areas the consultations made a rectification plan.

Lv Wei pointed out that the audit is becoming more and more detailed and in-depth, and the report is becoming more and more systematic. Not only is the problem found, but also the rectification, not only the audit of the project expenditure, but also the implementation and promotion of policy reform.

display data from the dominant debt situation, and at the end of 2016, government debt balance of 27 trillion and 330 billion yuan of national legal limits, debt ratio (debt /GDP) was 36.7%, lower than the main market economy countries and emerging economies; the local government debt balance of 15 trillion and 320 billion yuan, the debt ratio (debt / comprehensive financial) was 80.5%. Lower than the international warning line 100%~120%.

Yao Sheng Commissioner pointed out that from the current situation, the debt risk is controllable, but it can not be taken lightly. The central government's 36.7% debt ratio and the local government's 80.5% debt ratio should be analyzed. It should not be compared with other countries simply. He emphasized that a large number of hidden debts in China have not been counted yet, and our fiscal revenue and expenditure in the distribution of national income is relatively high, and the income and expenditure arrangements are relatively tight, so the room for maneuver is relatively small.

Lv Wei also said that there are a lot of hidden debt and disguised debt. She stressed that, on the one hand, we should strengthen the control of recessive and disguised debt, and on the other hand, we should strengthen the accountability of illegal borrowing.

is worth noting that the risk of local recessive debt is mainly concentrated in the grass-roots government. Li Shenglin said that the recessive debt was concentrated in the two level of the city and the county. The related debt of some local financing platform companies is the main body of the recessive debt, and some recessive debt is not strong in the ability to change the assets. The company's repayment of debt is basically dependent on the value of land and real estate, and some platform companies rely on new and old, even new interest rates. The capital demand of some projects is relatively large, the construction cycle is long, the project has no income, or the income is low.

speed up the division of central and local power

The causes of the hidden debt risk in

are complicated. Many members emphasize the reform of the financial and tax fields and divide the central and local financial powers and expenditure responsibilities in various fields.

Li Shenglin think, fundamentally solve this problem, must accelerate the reform of the taxation system progress as soon as possible, reasonable division of the central and local, local levels of government powers and expenditure responsibilities, improve the tax system, to give local government accountability and financial and property rights as well as phase stable sources, from the source to reduce the local government over reliance on debt financing.

the "daily economic news" reporter noted that in August 2016 the State Council issued "on the central and local fiscal powers and expenditure responsibilities reform guidance", give a specific timetable for the reform, requires that by 2020, the basic completion of the main areas of reform, the formation of a clear framework of central and local powers and expenditure responsibilities of the.

Lv Wei pointed out that it is necessary to speed up the division of the responsibility of the central and local financial rights and powers. How to implement it, there is no specific plan, only a few relatively simple areas have been divided, but most of the fields have not been promoted. The next step is to speed up this work. First, we should divide the central and local powers clearly and then divide the financial power.

Lv Wei also stressed the need to strengthen the accountability and accountability of local illegal debt. This year's central economic work conference also attaches great importance to the issue of local debt and puts forward the need to control the risk. Local debt is not only a financial risk, but also a financial risk.

Liu Peiqiong, the deputy to the National People's Congress, who was attending the conference, also pointed out that one of the goals of the public finance is to solve the risks that may happen in the finance, especially for some basic level and local governments, such as local debt.

From: 全国人大常委会聚焦地方隐性债务:风险主要在市县
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