【新唐人2014年11月04日讯】10月底，中共要求各地财政部门，以政府与社会资本合作的 PPP模式，也就是所谓的“公共私营合作制”，将政府债务转为企业债务。同时，还提出了一份草案，允许地方政府发行地方债来偿还旧债。中共人大常委承认，高达30万亿的地方债务，已经成为威胁中国经济发展、社会稳定和政治安全的重要因素。而专家则指出，目前这种做法，就是让社会大众为这种威胁买单。
10月28号，《中国政府网》公布了财政部关于印发《地方政府存量债务纳入预算管理清理甄别办法》的通知，《办法》中要求各地财政部门，通过政府与社会资本合作的PPP模式，将政府债务转为企业债务。
这些债务包括，地方政府负有偿还责任的债务、负有担保责任的债务，以及可能承担一定救助责任的债务。这样一来，将可能有超过14万亿元地方债务，得到拆解。
《办法》还强调，通过PPP模式转化为企业债务的地方性融资，不再纳入政府债务，同时对于部分在建项目，也需要优先通过PPP模式进行推进。
中国金融智库研究员巩胜利：“现在地方政府的这些企业都是有限责任公司，企业的债务政府肯定是不负担的，最后的结果把老百姓的钱套进去。”
8月初，中共全国人大常委尹中卿曾向《中国经济周刊》详细解释了地方债风险。尹中卿说，目前地方债的实际规模很可能超过30万亿元，地方政府除了显性债务外，还存在着较多隐性债务。尹中卿指出，目前地方债务已经进入集中兑付期，成为威胁中国经济持续发展、社会稳定和政治安全的重要因素。
另外，日前还有消息人士向《路透社》透露，财政部最近又提出了一份草案，允许地方政府发行地方债，来偿还旧债。
《路透社》分析，如果这项草案成为法律，地方政府将获准发行地方债，现有地方债务中，很大部分可以进行展期，地方债市场规模将需要迅速扩大。
旅美经济评论家马杰森：“好坏地方政府的债券混到一块发行，老百姓去买，帮助地方政府过了这最艰难的一段，往后中共就印发钞票，表面上拿回利息，但实际上老百姓的收益是不存在的。”
地方政府发行债券被外界认为违反中共法律。1994年中共《预演算法》中明确规定，地方政府不得发行地方政府债券。1995年制定的《担保法》也明确规定，国家机关不得为保证人，但从1997年至今，地方债几乎每年都增长了20%以上，其中1998年债务馀额比上年增长接近50%，而2009年比上年增长超过60%。
不过，2014年债台高筑的地方政府，发债利率却低于国债。《路透社》认为，地方债市场开局值得怀疑。
旅美经济评论家马杰森：“它是忽悠老百姓进来，任何地方政府比国家债务（利率）低，这是不可能的，按任何正常的金融理念是不可能存在的。国债通常付的是最低的，因为国家不会倒掉嘛。”
有分析师指出，地方债务的利息低，可能是因为国内评级机构给出的高评级，也可能发债方与国有银行串通。也有分析师对《路透社》说，内资国有银行可能仍然是新债的可靠买家。
旅美经济评论家杰森：“银行不会拿着这种危险的股票，它最后会转给老百姓。就是银行买了以后呢，它可以在银行打包，打包了以后，最后谁都不知道里头是甚么东西，题目可以很好，最后利息配的很少，但是有很多坏账，最终还是可能有很多是老百姓买了。”
尹中卿指出，地方债问题实际上是长期体制性因素，和短期经济刺激政策共同作用的结果。他还说，如果执行严格的金融规则，不少地方债已经无法依靠“借新还旧”展期，如果按市场化要求，一些地方政府实际上已经破产。
采访编辑/刘惠 后制/舒灿
Who Will Pay for the $3 Trillion Local Government Debts?
Beijing will encourage localities to use a Public-Private-
Partnership (PPP) model to help fresh fundraising.
This is to resolve outstanding local government debts.
In a finance draft, it would let local governments issue
fresh municipal bonds to replace borrowings.
The Communist Congress Standing Committee confirmed
the outstanding $3 trillion local debts.
These have threatened the economy, social stability
and political security.
Experts believe its current model is to force the public
to buy the bill.
On Oct. 28, the Chinese Ministry of Finance issued a
statement requesting local governments to use the PPP
model to finance new public sector projects with private
capital to reduce financing pressure on local governments.
These local governments debts are required to be repaid by
the local governments.
The implementation of the PPP model will dissolve more
than $1.4 trillion of local debts.
The statement also claimed that debt converted into
corporate bonds under the PPP model will not be
categorized as local government debt. Projects under
construction must be given priority to use the PPP model.
Chinese financial think tank researcher Gong Shengli: "These
local enterprises are limited liability companies.
The government will certainly hold no responsibility
for these companies’ debts.
In the end, people will be forced to pay for the debts."
In August, the Congress Standing Committee Yin Zhongqing
explained the risks of local government debts.
He told China Economic Weekly that the debts could have
exceeded $3 trillion with prominent hidden debts.
Local government debts have entered the period of
maturation.
Now they threaten the sustaining development of economy,
social stability and political security.
Sources told Reuters that the Finance Ministry has a draft
to issue local bonds to resolve local debts.
Reuters reported that opponents of the scheme say that by
issuing municipal bonds to replace existing fundraising tools
will require a massive expansion of China's new municipal
bond market.
US-based economic commentator Ma Jiesen: "The mix of
local government bonds of good and bad will allow the
people to help the local governments to go through the
most difficult times. Later, the regime will print money.
On the surface, the interests are paid, but in fact,
the actual benefits don’t exist for the people."
Issuance of local bonds is a violation of the Chinese law.
China banned local governments from raising money
through bond sales in 1994.
The 1995 Security Law also restricted the state government
from acting as guarantor.
But since 1997, local government debt grew by more than
20% annually.
In 1998, in particular, debt grew nearly 50% from 1997 and,
in 2009 debts grew by more than 60% from the previous year.
Reuters also questioned the local bonds market for its lower
interest rate than the state bonds.
Ma Jiesen: "It was to deceive the people. There is no way the
local government bonds would have lower interest rates
than the state bonds. It is impossible according to the regular
financial philosophy.
State bonds have the lowest interest rates
for the state will not collapse."
Some analysts believe the lower interest rate of local bonds
was probably due to the high domestic ratings given
by rating agencies, or the collusion between the issuers
and the state-owned banks.
Analysts also told Reuters that domestic state-owned banks
may still be reliable buyers of new debt.
Ma Jiesen: "Banks will not hold on to these risky stocks.
It will eventually be transferred to the people.
The banks will buy it and package it under a good name,
with very low interest but as many bad debts.
In the end, people pay for the bill."
Yin Zhongqing noted that local government debts are issues
resulting from prolonged systematic factors and long-term
economic stimulus plans.
He said that even implementation of strict financial rules will
not resolve many local debts through rollover to new debts.
In fact, some local governments have already gone bankrupt
according to the market rule.
Interview & Edit/LiuHui Post-Production/ShuCan
10月28号，《中国政府网》公布了财政部关于印发《地方政府存量债务纳入预算管理清理甄别办法》的通知，《办法》中要求各地财政部门，通过政府与社会资本合作的PPP模式，将政府债务转为企业债务。
这些债务包括，地方政府负有偿还责任的债务、负有担保责任的债务，以及可能承担一定救助责任的债务。这样一来，将可能有超过14万亿元地方债务，得到拆解。
《办法》还强调，通过PPP模式转化为企业债务的地方性融资，不再纳入政府债务，同时对于部分在建项目，也需要优先通过PPP模式进行推进。
中国金融智库研究员巩胜利：“现在地方政府的这些企业都是有限责任公司，企业的债务政府肯定是不负担的，最后的结果把老百姓的钱套进去。”
8月初，中共全国人大常委尹中卿曾向《中国经济周刊》详细解释了地方债风险。尹中卿说，目前地方债的实际规模很可能超过30万亿元，地方政府除了显性债务外，还存在着较多隐性债务。尹中卿指出，目前地方债务已经进入集中兑付期，成为威胁中国经济持续发展、社会稳定和政治安全的重要因素。
另外，日前还有消息人士向《路透社》透露，财政部最近又提出了一份草案，允许地方政府发行地方债，来偿还旧债。
《路透社》分析，如果这项草案成为法律，地方政府将获准发行地方债，现有地方债务中，很大部分可以进行展期，地方债市场规模将需要迅速扩大。
旅美经济评论家马杰森：“好坏地方政府的债券混到一块发行，老百姓去买，帮助地方政府过了这最艰难的一段，往后中共就印发钞票，表面上拿回利息，但实际上老百姓的收益是不存在的。”
地方政府发行债券被外界认为违反中共法律。1994年中共《预演算法》中明确规定，地方政府不得发行地方政府债券。1995年制定的《担保法》也明确规定，国家机关不得为保证人，但从1997年至今，地方债几乎每年都增长了20%以上，其中1998年债务馀额比上年增长接近50%，而2009年比上年增长超过60%。
不过，2014年债台高筑的地方政府，发债利率却低于国债。《路透社》认为，地方债市场开局值得怀疑。
旅美经济评论家马杰森：“它是忽悠老百姓进来，任何地方政府比国家债务（利率）低，这是不可能的，按任何正常的金融理念是不可能存在的。国债通常付的是最低的，因为国家不会倒掉嘛。”
有分析师指出，地方债务的利息低，可能是因为国内评级机构给出的高评级，也可能发债方与国有银行串通。也有分析师对《路透社》说，内资国有银行可能仍然是新债的可靠买家。
旅美经济评论家杰森：“银行不会拿着这种危险的股票，它最后会转给老百姓。就是银行买了以后呢，它可以在银行打包，打包了以后，最后谁都不知道里头是甚么东西，题目可以很好，最后利息配的很少，但是有很多坏账，最终还是可能有很多是老百姓买了。”
尹中卿指出，地方债问题实际上是长期体制性因素，和短期经济刺激政策共同作用的结果。他还说，如果执行严格的金融规则，不少地方债已经无法依靠“借新还旧”展期，如果按市场化要求，一些地方政府实际上已经破产。
采访编辑/刘惠 后制/舒灿
Who Will Pay for the $3 Trillion Local Government Debts?
Beijing will encourage localities to use a Public-Private-
Partnership (PPP) model to help fresh fundraising.
This is to resolve outstanding local government debts.
In a finance draft, it would let local governments issue
fresh municipal bonds to replace borrowings.
The Communist Congress Standing Committee confirmed
the outstanding $3 trillion local debts.
These have threatened the economy, social stability
and political security.
Experts believe its current model is to force the public
to buy the bill.
On Oct. 28, the Chinese Ministry of Finance issued a
statement requesting local governments to use the PPP
model to finance new public sector projects with private
capital to reduce financing pressure on local governments.
These local governments debts are required to be repaid by
the local governments.
The implementation of the PPP model will dissolve more
than $1.4 trillion of local debts.
The statement also claimed that debt converted into
corporate bonds under the PPP model will not be
categorized as local government debt. Projects under
construction must be given priority to use the PPP model.
Chinese financial think tank researcher Gong Shengli: "These
local enterprises are limited liability companies.
The government will certainly hold no responsibility
for these companies’ debts.
In the end, people will be forced to pay for the debts."
In August, the Congress Standing Committee Yin Zhongqing
explained the risks of local government debts.
He told China Economic Weekly that the debts could have
exceeded $3 trillion with prominent hidden debts.
Local government debts have entered the period of
maturation.
Now they threaten the sustaining development of economy,
social stability and political security.
Sources told Reuters that the Finance Ministry has a draft
to issue local bonds to resolve local debts.
Reuters reported that opponents of the scheme say that by
issuing municipal bonds to replace existing fundraising tools
will require a massive expansion of China's new municipal
bond market.
US-based economic commentator Ma Jiesen: "The mix of
local government bonds of good and bad will allow the
people to help the local governments to go through the
most difficult times. Later, the regime will print money.
On the surface, the interests are paid, but in fact,
the actual benefits don’t exist for the people."
Issuance of local bonds is a violation of the Chinese law.
China banned local governments from raising money
through bond sales in 1994.
The 1995 Security Law also restricted the state government
from acting as guarantor.
But since 1997, local government debt grew by more than
20% annually.
In 1998, in particular, debt grew nearly 50% from 1997 and,
in 2009 debts grew by more than 60% from the previous year.
Reuters also questioned the local bonds market for its lower
interest rate than the state bonds.
Ma Jiesen: "It was to deceive the people. There is no way the
local government bonds would have lower interest rates
than the state bonds. It is impossible according to the regular
financial philosophy.
State bonds have the lowest interest rates
for the state will not collapse."
Some analysts believe the lower interest rate of local bonds
was probably due to the high domestic ratings given
by rating agencies, or the collusion between the issuers
and the state-owned banks.
Analysts also told Reuters that domestic state-owned banks
may still be reliable buyers of new debt.
Ma Jiesen: "Banks will not hold on to these risky stocks.
It will eventually be transferred to the people.
The banks will buy it and package it under a good name,
with very low interest but as many bad debts.
In the end, people pay for the bill."
Yin Zhongqing noted that local government debts are issues
resulting from prolonged systematic factors and long-term
economic stimulus plans.
He said that even implementation of strict financial rules will
not resolve many local debts through rollover to new debts.
In fact, some local governments have already gone bankrupt
according to the market rule.
Interview & Edit/LiuHui Post-Production/ShuCan
