Tim Brinton

中国必须守住财政金融稳定的底线

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北京 – 近两年,随着中国宏观经济增长速度的逐步放缓,一些潜在的财政和金融风险有所显露,中国政府必须守住财政金融稳定的底线。

一段时期以来,人们担心的是中国的地方债风险恐会危及中央财政安全。金融危机以来,中国地方债务“滚雪球”式增长。据银监会数据,截至2012年9月末,地方融资平台贷款余额为9.25万亿元,与上年同期基本持平。尽管地方融资平台通过银行贷款渠道获得资金受到控制,但仍通过发行债券及信托借款等融资渠道获得大量社会资金,地方政府债务仍在扩张。中央结算公司数据显示,2012年全年地方政府债发行2500亿元,较上年增加500亿元;银行间债券市场发行的城投类债券累计达6367.9亿元,较2011年增加3805.9亿元,同比增长148%,增幅较上年同期扩大120个百分点。除发行债券外,地方政府通过信托借款获取的资金也增长显著。2012年四季度末,信托公司政信合作项目余额5016亿元,较上年增加2479亿元,增幅高达97.7%。

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