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The author:(作者)hpmailerpublished in(发表于) 2013/12/2 9:56:28 Guangzhou Municipal Government liabilities 259.3 billion yuan， experts recommend asset liquidations
Guangzhou 259.3 billion Government debt why experts recommend asset realisation
Zhang Jing
For the high level of local government debt, the Guangzhou Municipal Government said recently that, by 2016, government debt reduction 60% than it is now. By then, not only do so in accordance with the agreement between the Government and the bank debt, debt in advance.
About the Government's commitment to debt reduction than it is now 60%, Vice Dean of College of Economics and management, Shanghai University of finance Liu, Xiaobing said, three years before 2016, which means that Guangzhou by three years to repay the debt and repayment amount is greater than the amount of new borrowing can only reduce debt.
Chinese Academy of social sciences, said Yang Zhiyong, a researcher at the strategic Institute of finance, judging from the present data, it's hard to see whether the Guangzhou Municipal Government debt reduced by 60% in 2016, you also need to open more books to read, but he also noted that government debt also includes such as asset liquidations.
The debt "red line" executive force
As of June this year, the Guangzhou Municipal Government current liabilities 259.3 billion yuan, in which the Government bears responsibility was 197.3 billion yuan. On the municipal level, government debt outstanding is 187.8 billion yuan, need be 129.3 billion yuan of Government bears responsibility.
Guangzhou previously has introduced has Guangzhou Government sexual debt management approach under and Guangzhou City this level Government sexual debt management approach implementation rules under, file displayed, Guangzhou local government borrowing has two article "red" principles, that financial debt rate (Government sexual debt balances/year can dominated financial) must control in 100% following, financial claims debt rate (year Government sexual debt debt coupon amount/year can dominated financial) must control in 20% following.
Guangzhou Municipal Government debt risks two "red lines" set, said Liu, Xiaobing, also internationally there are different evaluation criteria, reference data, Guangzhou's "100%" and "20%" cordon is still relatively safe range. Even more critical is to see if the Government can follow to comply with the standards. "It also dealt with General issues of government officials, took over as official endorsement of the red line. "Liu, Xiaobing said.
In approach under zhihou, Guangzhou in June 2012 issued has Guangzhou City this level Government sexual debt management approach implementation rules under, clear government sexual debt is divided into three class: local Government has reimbursement responsibility of debt, and local Government has guarantees responsibility of debt and other related debt, for other related debt, despite Government not provides guarantees, but Dang debtor appeared debt crisis, Government may needs bear rescue responsibility.
However, based on public information, national government debt audit work commenced in August this year the connotation expansion of government debt, new "formed through new ways of borrowing and borrowing of local government debt", new ways of borrowing, including finance leasing, financing, repurchase (BT), dianzi construction, such as deferred payments or arrears. These financing covert and difficult to monitor, and high financing costs, or will become the new local government debt risks.
Yang Zhiyong said, the Government has a direct and indirect debt, direct debt represents the Government's direct loan, is also permitted to take, including local government debt. "But the direct debt is not a big, big head through corporate borrowing."
According to reports, the Guangzhou 1 to May this year, fiscal 16.8 billion yuan of debt, repayment of which 12.1 billion yuan.
First in September of this year, Guangzhou public revenue of 84.28 billion yuan. But this is far from the total disposable financial resources of the Government. "From the point of view of debt, many local government debt is in the form of enterprise, Enterprise there are liabilities and assets, through their work, they can assume the debts. Thus this amount ' means ' is usually far greater than the income of public finance as well as a higher caliber of General Government finances. "Yang Zhiyong said.
Means diversity is not only money for debt reduction debt
Guangzhou Vice Mayor Chen Rugui also revealed, the Guangzhou Municipal Government recently planned by 2016, government debt reduction 60% than it is now. Zhiyong Yang believes that if the Government wants to reduce the Government debt approaches have many kinds, are not commonly understood, "chipped in debts", which can be an asset realisation.
"One company set up by the Government to the project company, there are liabilities and assets, through asset liquidation, selling the company to its privatization, all debt also will be gone. "Yang Zhiyong said.
However, whether the Government will come forward to take on debt and unpaid responsibilities? Has interviewed scholars think that this situation is not likely to exist in the other two forms of debt, debt issues affecting social stability, even if it is a private enterprise, the Government may also come forward to "end of part". "When businesses can't afford, some of them might be in accordance with the provisions of the company law operations, others could go to the Government. For example some companies borrow more to individuals, cannot pay will affect social stability, the part may also be borne by the Government, just as the events of GITIC. ”
These people also revealed that such a thing does not have a unified solution, "one thing one debate" approach, even modified the budget law, the Government is difficult to completely avoid this type of situation. "So, it is not the Government's debt, the Government wouldn't have to bear any responsibility, if not all, may also have to bear part of the responsibility. ”
Liu, Xiaobing finds that according to the present situation, where debt is primarily by central command issued a mandatory clean up financing platform for executive orders, such as to control, if the control will be strong, can still be controlled. "The local people's congresses have no ability to control local governments. ”
"Control of local government debt-the most robust approach is decentralization, local government finances. "Liu, Xiaobing said, to make the Government accountable to local people, controlled by a local people's Congress local government, but now it is hard to do, also controlled by the Central Government.
广州2593亿政府负债怎么还 专家建议可资产变现
张静
对于高企的地方政府性债务，广州市政府近期表示，计划到2016年，政府债务比现在减少60%。届时，不仅做到按照政府和银行的协议还本付息，还可能提前还本。
对于政府债务比现在减少60%的承诺，上海财经大学公共经济与管理学院副院长刘小兵表示，距离2016年还有三年时间，这意味着广州市要通过三年不断偿还债务，并且偿还金额要大于新的举债数额，才可以把债务降低下来。
中国社科院财经战略研究院研究员杨志勇表示，从目前的数据来看，很难看清广州市政府是否能够在2016年将债务降六成，还需要打开更多账本才能看清，不过他也指出，政府降低债务的手段还包括资产变现等方式。
债务“红线”须看执行力
截至今年6月，广州市政府当前负债2593亿元，其中政府负有偿还责任的是1973亿元。对市本级来说，政府债务余额是1878亿元，需要政府负有偿还责任的是1293亿元。
广州市此前先后出台了《广州市政府性债务管理办法》和《广州市本级政府性债务管理办法实施细则》，文件显示，广州地方政府举债有两条“红线”原则，即财政债务率(政府性债务余额/当年可支配财力)必须控制在100%以下，财政偿债率(当年政府性债务还本付息额/当年可支配财力)必须控制在20%以下。
对于广州市政府债务风险两条“红线”的设置， 刘小兵表示，国际上也有不同的评价标准，都只是参考数据，广州提出的“100%”和“20%”的警戒线都还是比较安全的范围。更关键的是要看政府能不能按照这个标准来遵守。“这还涉及到政府官员换届的问题，接任的官员是否认可这个‘红线’。”刘小兵说。
在《办法》之后，广州在2012年6月下发了《广州市本级政府性债务管理办法实施细则》，明确政府性债务分为三类：地方政府负有偿还责任的债务、地方政府负有担保责任的债务和其他相关债务，对于其他相关债务，尽管政府不提供担保，但当债务人出现债务危机，政府可能需要承担救助责任。
不过，根据已公开信息，今年8月份展开的全国政府性债务审计工作将政府性债务的内涵扩大，新增了“通过新的举债主体和举债方式形成的地方政府性债务”，新的举债方式包括融资租赁、集资、回购(BT)、垫资施工、延期付款或拖欠等。这些融资方式具有隐蔽性强、不易监管且筹资成本高，或将成为地方债新风险点。
杨志勇表示，政府具有直接债务和间接债务，直接债务是指政府直接借的，也是允许借的，包括代发地方债。“但直接债务不是大头，大头仍是通过企业的借债”。
据介绍，广州今年1~10月份，财政安排168亿元还本付息，其中还款121亿元。
而今年前九月，广州市公共财政收入842.8亿元。不过这远非政府可支配的总财力。“从偿债的角度来看，地方性政府债务很多是以企业的形式存在的，企业有负债也有资产，通过自身运转，就可以承担债务。因而这笔‘财力’通常远大于公共财政收入以及更大口径的政府总财力。”杨志勇说。
减债手段多样 并非只能凑钱还债
广州市常务副市长陈如桂还透露，广州市政府近期计划到2016年，政府债务比现在减少60%。杨志勇认为，政府如果想要将政府的债务降低办法有很多种，并非通常理解的“凑钱还债”，其中一种即可采用资产变现。
“某一个公司是政府成立的项目公司，有负债也有资产，通过资产变现，卖掉公司使其私有化，那么所有的债务也就没了。”杨志勇说。
但是，政府是否会出面承担并无偿还责任的债务？有接受采访的学者认为，这种情况不只可能存在于其他两种债务形式中，一些涉及社会稳定的债务问题，即便是私人企业的，政府也有可能出面“兜一部分底”。“企业承担不了时，有一些可能根据《公司法》规定操作，有一些则可能会去找政府。比如有些企业借债更多是向个人，如不能偿还会影响到社会稳定，也有可能由政府出面承担部分，就像当年广信事件一样。”
上述人士还透露，这样的事情不会有一个统一的解决方案，一般则采取“一事一议”的办法，即便是修改了预算法，政府也很难完全避免此类情况。“所以说，并非不是政府的债务，政府就不用承担任何责任了，即便不是全部，也可能需要承担部分责任。”
刘小兵认为，按照目前来看，地方债务主要还是靠中央强制性的命令如发文清理融资平台等行政命令来控制，如果控制意愿很强，还是可以控制住。“地方人大还没有能力控制地方政府。”
“控制地方政府性债务最稳健的办法就是放权，让地方政府有地方的财政。”刘小兵说，要让政府对地方人民负责，由地方人大来控制地方政府，但现在来看这一点还很难做到，所以还需由中央来控制。
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