The Central Government Is Not Responsible For Local Debts. Governments At All Levels Must Be Responsible For The Debts Of The Governments At The Corresponding Levels.

A few days ago, P issued a notice to improve the assessment of leading cadres, and called for strengthening the assessment, auditing and accountability of the debt situation of leading cadres during their tenure.

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< p > system insiders say that the above documents outline the general framework of debt management and how the future clearer policy should be adopted.

According to the twenty-first Century economic report, some provinces and cities have begun preparations for the docking of central documents.

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< p > < strong > < a > href= > //www.sjfzxm.com/ > > debt > /a > management on agenda > /strong > /p >

< p > since the beginning of August, the national debt audit has lasted for more than two months, and no communiqu has been published yet.

Systems insiders say that debt in some areas has been phenomenal.

In the first half of this year, a debt audit report for some areas also showed that the scale and speed of debt in some places had a lot of risks.

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< p > according to the relevant person in charge of the Yunnan Provincial Department of finance, the Yunnan finance department has issued a notice on strengthening debt management in the name of the provincial government this year. The notice is a general framework and train of thought for debt control, which is not in conflict with the policies recently promulgated by the central government.

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< p > in August this year, Jiangsu Province issued a more specific control plan.

At that time, Jiangsu was being questioned by the media. It may be the most dangerous Province in domestic debt.

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Li Yuping, director of the Scientific Research Institute of Jiangsu provincial finance department, < a href= "//www.sjfzxm.com/" > Finance > /a > director of the Institute of science and technology, said that there are many government loans, including the urban construction department, the development and Reform Commission, and so on. It is difficult for the financial departments to issue debt control alone to achieve the P results.

Local debt control needs to rise to the level of the Party committee and the government.

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< p > the notice issued by the Central Committee has strengthened the assessment of the government's debt status and made the government debt an important indicator of performance appraisal, and strengthened the examination, audit and accountability of the debt situation during the term of office.

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Yang Zhiyong, director of the Financial Research Office of the financial and Strategic Research Institute of the Chinese Academy of Social Sciences, said P can learn from the financial institutions' assessment mechanism for the borrower. The relevant leading cadres need to take responsibility for any debts approved by them in order to reduce the arbitrariness of borrowing.

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< p > < strong > governments at all levels are responsible for < /strong > /p >

< p > the central economic work conference points out that the provincial and municipal governments should be responsible for the local government debt.

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< p > Yunnan provincial finance department responsible person told the twenty-first Century economic report reporter that the responsibility of governments at all levels is clear, indicating that the central government will not reveal the local debt, which is the most important content of "prevention and control of debt risks".

The financial system has consistently indicated that governments at all levels are responsible for government debt at the level.

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Before P, some local governments still had a glimmer of luck on the central government's local debt.

This dependence is not without reason.

Some industry experts said that the expansion of local government debts was so fast that many of them were required by the central government's "four trillion" stimulus plan in 2008 to support all parts of the country.

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< p > a Zhejiang provincial finance official said that it is the latest formulation to integrate local government debt into full caliber budget management.

The implementation of full caliber budget management in Zhejiang is the four account. Debt management is not in it, it is only a plan.

Now it is clear that it is forward-looking to put debt into budget management.

It shows that the audit of future debts may be approved by people's congresses at all levels.

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< p > < strong > details need to be implemented < /strong > < /p >

< p > > economic a href= "//www.sjfzxm.com/" > work < /a > the conference only gives the general direction of future debt management, and debt management has a series of specific problems that need to be landed.

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< p > borrowing procedures.

Li Yuping said the key is to limit the power of the chief executive to borrow money.

A leading group can be set up on the various functional departments of the government, or a multisectoral joint meeting.

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< p > for example, the upper limit of debt risk.

The Yunnan provincial finance official said there are different international standards for debt risk.

The EU claims that the debt balance should not exceed 60% of GDP, and Japan's debt balance should not exceed 100% of GDP.

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< p > industry experts say that domestic debt control is mostly based on GDP.

But GDP itself has moisture and tends to exaggerate the scale of GDP in the process of chasing GDP.

It is not very reliable to determine the scale of debt growth with the increase of GDP.

The local fiscal revenue is relatively real, and the index of local fiscal revenue should be introduced in the control of debt scale.

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< p > again, it is also clear that the central documents should be included in the budget management, which debts should be included and which debts should not be included.

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< p > local financial officials say that there is a different caliber for different sectors of debt classification. This basic work needs to be promoted.

As long as the central government clearly categorized debt management, it is very difficult for local authorities to implement them.

But in the longer term, such as generating the balance sheet, it also depends on the reform of the government accounting system. This reform also has a lot of technical basic work to do.

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