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中国修订预算法,允许地方政府发债

更新时间:2014-9-2 20:10:35 来源:纽约时报中文网 作者:佚名

China Authorizes Local Governments to Issue Bonds
中国修订预算法,允许地方政府发债

HONG KONG — China’s Finance Ministry released on Monday a long list of amendments to the country’s budget law that included removing a 20-year ban on local and regional governments from issuing bonds.

香港——中国财政部周一公布了对于预算法的一系列修订,取消了长达20年的对地方政府发行债券的禁令。

The amendments, among many initiatives approved on Sunday by the standing committee of the National People’s Congress, represent a fundamentally different approach to a chronic problem in China: how to finance the building of roads, bridges, subways and other projects without letting local and regional governments pile up unsustainable levels of debt.

这些修改办法是全国人大常委会周日通过的诸多决定中的一部分,代表着中国正在采取一种完全不同的方式应对一个长期存在的问题:如何为道路、桥梁、地铁和其他项目融资,同时又不会使地方政府债务累积到不可持续的水平。

Since 1994, the national government had essentially banned local and regional leaders from issuing bonds and other forms of debt. That ban reflected a longstanding worry that these governments, if given a chance, might borrow recklessly and later ask the national government to cover their debts if revenues proved inadequate.

自1994年以来,中央政府实际上就已禁止地方政府发行债券或以其他方式举债。这一禁令反映了一个长期的顾虑,即如果地方政府获得了机会,就可能不顾后果地借债,而如果最终其财政收入不足以偿债,它们就会要求中央政府来还债。

But local and regional governments have managed to borrow heavily anyway, notably by using state-owned enterprises under their control to do the borrowing instead, often setting up legal entities for the specific purpose of borrowing more money for infrastructure. The result has been a surge in indirect borrowing by local and regional governments, which the National Audit Office estimated this summer as totaling $2 trillion, or 21 percent of last year’s economic output for all of China.

不过,地方政府仍然得以大规模举债,尤其是通过管辖范围内的国有企业进行借贷,通常做法是专门为了举债开展基础设施建设而设立法律实体。于是,地方政府的非直接借贷大幅增长,国家审计署今年夏天估计,地方政府的非直接借贷规模达2万亿美元(约合12万亿元人民币),相当于去年中国全年经济产出的21%。

Allowing these governments to start selling bonds and other debt could make it easier for the national government to track their indebtedness. Local and regional governments would require approval from the State Council, China’s cabinet, to issue debt.

允许地方政府发行债券或以其他方式举债之后,中央政府可能会更容易追踪它们的负债情况,因为地方政府发债需要经过国务院的批准。

Finance Minister Lou Jiwei said at a news conference on Sunday that the new rules would “defuse financial risk.” He also said that local and regional government debt appeared to have stopped growing in the past year.

财政部长楼继伟周日在新闻发布会上说,这些新的规定将能够“化解财政风险”。他还表示,地方政府的债务规模去年没有扩大。

According to Standard & Poor’s, these debts had been growing more than 20 percent a year from 2008 to 2013, although from a very low base before the global financial crisis of 2008 and 2009.

标准普尔(Standard & Poor's)提供的数据显示,从2008年至2013年,政府债务的年增长率超过20%,不过这是根据2008年、2009年全球金融危机之前很低的起点计算的。

The budget law revisions included a long list of other changes, such as requiring that local governments do more long-range financial planning and that they embrace accrual accounting, which involves recognizing revenues and expenses as they are incurred, instead of waiting for them to show up in cash transactions.

预算法的修订内容还包括其他一系列变化,比如要求地方政府制定比较长远的财务规划,要求它们实行权责发生制的会计制度,即在收入和费用发生时进行确认,而不是等到现金交易发生时。

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