www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Home / News conference

Moderate fiscal deficit growth 'affordable'

By Hu Yuanyuan (China Daily)

Updated: 2016-03-08 04:09:24

8.03K

Moderate fiscal deficit growth 'affordable'

Minister of Finance Lou Jiwei answers reporters' questions during a news conference in Beijing on Monday. FENG YONGBIN / CHINA DAILY

China can afford to expand its fiscal deficit this year while reining in risks associated with the overall debt level, Finance Minister Lou Jiwei said on Monday.

Lou made the remark in response to Premier Li Keqiang's Government Work Report, delivered on Saturday, in which the premier said China will continue to fund massive State-led infrastructure projects while lowering tax levels for more industries.

The government will instead raise the level of deficit to allow for the capital outlays needed for the new projects, Lou said.

Lou emphasized that the mounting debt of local governments is under control. Some overseas observers have said it could affect China's overall economic health.

"About 5 trillion yuan ($769 billion) in local debt is coming due by the end of this year, but we will arrange some debt-to-bond swaps for local governments, so their debt will not cause a major concern," Lou said during a news conference.

Last year, China allowed local governments to reduce their repayment pressure by issuing 3.2 trillion yuan worth of low-cost bonds to pay off some of their high-cost debt.

By the end of 2015, local governments' direct debt had reached 16 trillion yuan, 600 billion yuan of which was incurred last year.

Indirect and contingent liability stood at 8.6 trillion yuan at the end of 2014.

"The contingent liability may increase amid an economic slowdown, and we need to strengthen supervision to prevent local governments from issuing debt off the balance sheet," said Lou.

So far, the ratio of Chinese government debt to GDP is about 40 percent, lower than in many countries.

Guan Fei, a senior analyst at China Chengxin International Credit Rating, said: "Most of the local government debt is under control, as it is backed up with assets. But we need to keep a close eye on regional risks, especially in provinces experiencing a sharp economic slowdown."

According to Lou, the continuous fall of the producer price index, a gauge of factory gate prices, has limited the room for fiscal income growth, so the government needs to modestly expand the deficit.

"But it is hard to say how much leeway there is for this, as it depends on the resilience of the economy," Lou said.

China plans to raise the deficit-to-GDP ratio to 3 percent this year, from 2.3 percent in 2015, giving the government more to spend.

"The expanded deficit ratio is within the margin of safety, and it will help realize the economic growth target," said Jia Kang, a member of the Chinese People's Political Consultative Conference National Committee and a former director of the Ministry of Finance's Research Institute for Fiscal Science.

Many international institutions hold that a country's deficit should not exceed 3 percent of its GDP. But this 3 percent "warning line" should not be taken as a uniform standard, and it is mainly applicable to members of the European Union, Vice-Minister of Finance Zhu Guangyao said on Friday.

The warning line should vary from country to country based on the conditions in each, he said.

Zhu said he expects China's fiscal revenues to decrease slightly due to tax and fee reductions, and the country will deal with possible fiscal imbalances by temporarily allowing the deficit to increase moderately.

主站蜘蛛池模板: 91色综合久久 | 国产在线精品一区二区三区 | 国产成人久久精品二区三区 | 亚洲男人的天堂网 | 亚洲国产精品久久久久666 | 久久综合网址 | 欧美成人免费公开播放 | 美女黄色免费在线观看 | 日本道色 | 国产黄a三级三级看三级 | 久久成年片色大黄全免费网站 | 亚洲精品日本高清中文字幕 | 黄色国产免费观看 | 久久精品男人的天堂 | 亚洲小视频在线 | 高清不卡毛片免费观看 | 91免费视频版 | 免费特黄一级欧美大片 | 久久成人国产精品免费 | 亚洲热视频 | 久久欧美 | 性视频福利在线看 | 怡红院视频在线 | 99久久精品国产一区二区小说 | 久草网视频在线 | 成人区精品一区二区毛片不卡 | 天天视频一区二区三区 | 人人公开免费超级碰碰碰视频 | 久草久热 | 国产一区二区三区在线免费观看 | 美女视频永久黄网站在线观看 | 国产精品人成人免费国产 | 美女视频网站永久免费观看软件 | 免费一级欧美大片在线观看 | 成人毛片在线视频 | 国产精品永久免费视频观看 | 国产精品日本不卡一区二区 | 国产麻豆入在线观看 | bt天堂国产亚洲欧美在线 | 亚洲一区二区三区精品国产 | 欧美69精品国产成人 |