China 16 trillion debt repayment? Used new or old | | debt _ local government debt news

Recently, the China data released by the Finance Ministry showed that by the end of 2015, local government debt of 16 trillion yuan in 2015, local government debt is 89.2%. Budget management of central government debt of 10.66 trillion yuan, both total national government debt 26.66 trillion yuan, for 39.4% per cent of GDP, debt of the national government debt will rise to about 41.5%.

Although the Finance Ministry, local government debt risk can be controlled, but rates of up to 89.2% of local government debt, making universal saddled with heavy debt burdens of local governments at all levels. "New old" vintage of this debt, and is still used by the local-government financing platforms means that easing the debt burden, while also delaying China's potential debt crisis.

　16 trillion debt of local governments: take anything to save you

"From a grass-roots financing vehicles to some local governments, it is still very short of money. "In the integrity international credit rating limited responsibility company government financing rating Department rating Deputy Director Guan Fei on first financial daily reporter said, quite part local government platform financing needs strongly, while is needed ease stock debt burden, General this class platform liabilities rate is high, need borrowing financing to solution stock debt problem; on the is in stability growth of background Xia platform itself still shoulder large investment task, incremental funds gap still is big.

So, what to save the "heavy" 16 trillion stock of local government debt? In response, Guan Fei said most local financing platforms are still in "old and new" ways to repay their debts, from the provincial, municipal and prefecture-level cities, down to the district level Government platform, "the biggest problem is that the Government is bad, when debts can only borrow new or old, to alleviate the debt burden. ”

Through the "new old" way, local financing platforms primary objective is to alleviate the debt burden, the stock of debt "new old" rolling and lengthening debt maturity, space-for-time; the second aim, to low-cost financing to replace high-cost financing to reduce the debt burden, lower debt interest costs, improved debt structure.

In order to give local government relief, Treasury launched a debt Exchange program. Ministry of Finance officials said in answering reporters ' questions, in 2015, the Ministry issued the three replacement bond amount total of 3.2 trillion yuan, issuing local government bond debt replacement stock, effectively reduces the interest burden, relieve debt pressures in some areas, creating conditions for releasing funds for construction of key projects.

According to Guan Fei observed around the platform of "new old" to delay the proportion of debt is very high, "' old and new ' not only occurs at the County, prefecture-level cities, and higher levels of municipal and provincial-level platform is quite common. "He said.

　"Old and new" chaos: Bank loan

Guo tianyong, Director of China Central University of finance and banking Research Center said, "old and new" chaos in the local financing platforms, which are reflected in banking and trust.

At present, the local-government financing platforms, "old and new" financial instruments mainly dominated by bank loans. Analysis on Guan Fei, strict control of Government and Platform for financing costs, although bond financing costs low, but bond for low level platforms is difficult, from the trust, and lease financing, higher costs due to cost considerations, financing has easier access to bank loans.

For banks, the economic downturn, credit risk exposure is not at the bottom now, asset quality continues to deteriorate, "cover" ballooning "bad" burden plaguing banks Branch Manager and loan officer. "New old" is one of the most common means to hide bad assets of banks, as a way to reduce bank rate.

Because of sluggish business, constrained by credit expansion pressure, looking for safe assets put down is the subject of the "bad" way of life. The business journal in Shaanxi, Fujian, Chongqing and other research found that big state-owned bank, policy banks and joint-stock banks are racing to increase lending to government infrastructure, large State-owned enterprises, even in order to compete for quality enterprises, banks have floating interest rates of loans to such enterprises.

"The ' old and new ' Bank debts the most routine operations of the enterprise, for regular businesses, is a convenient arrangement offered by banks, but the problem is that this slow deterioration, not operating properly, there is a problem and even failing enterprises, banks ' old and new ' conceal risk. "A large State-owned small enterprises of Guangdong Province branch head said to the reporter.

This phenomenon in the central State Provincial Office official here confirmed. He told the newspaper reporters for the enterprises normal production and supply and demand by banks continued lending to maintain operation of the enterprise. Enterprise continued credit, main judge is whether the "zombies", whether there is a future, whether there is a motivation to escape the debt.

As the Bank management is in charge of the company's business, he said, common platform of the Government loan, one is road and rail infrastructure loan period 20-30 years; one is the park development loan, the term 4-5, in fact, some loans were coming due.

"At present, financing growth in the slowing down of the Government platform, with foreign debt repayment instead of increasing. "The central State-owned provincial branch executives," said 43rd of the text "(of the State Council on strengthening management of local government debt) was launched, has actually increased financing of local financing platforms, with few new loans, but more with the industrial Fund channel access to bank loans, debt maturing before it is included in the platform of the Government debt replacement sources.

　　Trust: the time for space

In addition to cost considerations, platform from the trust of local government financing is no longer so easy. In the context of the current economic downturn and rising credit risks, increased risk of trust to honour. End of the first quarter of 2016, trust companies industry-wide risk project number 527, the scale was 111.019 billion yuan, representing an increase of four quarterly 97.3 billion yuan at the end of 2015 13.719 billion yuan, rose 14%. Meanwhile, regulators, a series of heavy regulatory policy, trust company of more strict risk control, for some higher-risk projects, trust companies within sad only to give up.

In fact, the "new old" for many reasons, one important aspect is that the trust project in 1-2, many projects difficult to within 2 years back, financiers, often through "new old" ways to extend the repayment period. A trust company told the newspaper reporter: "' old and new ' focus on governance projects, government financing and pool project, different financing projects with a financing package, but the business is still in the case of controllable risk, if financing problems, trust rarely continue for its financing. Once the financing enterprise risk, the trust generally does not continue to release new project to repay existing debt, or trust's costs will be lower and higher. ”

"The ' old and new ' in trust, the project does exist, but not much. "A trust company risk management Director told the newspaper reporters, for" old and new "project, the general decrease in disposal of trust companies, if a project of 200 million Yuan due, financing parties scheduled Exchange, trust companies issued new a project raising money, the scale will be dropped to 150 million Yuan, this exposure of funds gradually became smaller. Due to increased credit risk, trust companies through the line of control, the control period, increased financing costs and other ways to reduce other risks.

Another head of large trust companies, have expressed different views to the reporter: "' old and new ' prevails in trust for such projects, but not in the overall credit scale of. On one hand, bank loans are credits, on the other hand, actively managing the size of such a trust is not in itself. ”

Trust funding structure, active management trusts mainly for the assembled funds trust, since 2014 has increased to around 30% per cent in the third quarter, trust industry association data for the first quarter of this year showed that collective trust investment rose to 33.01% per cent.

Choose different means of financing, Guan Fei said that different enterprise solvency-related. Enterprises and qualification of local financing platforms if you have distribution, select the renewal of medium-term notes issued since its addition to the equity capital raised, finance intangible asset-liability ratio was reduced at the same time, described as "double".

Responsible editor: Mao Minmin SN184

Article keywords:
Local government debt repayment

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中国16万亿地方债务咋偿还？惯用借新还旧|地方政府债|偿债_新闻资讯

　　近日，中国财政部公布的数据显示，截至2015年末，地方政府债务16万亿元，2015年地方政府债务率为89.2%。纳入预算管理的中央政府债务10.66万亿元，两项合计全国政府债务26.66万亿元，占GDP的比重为39.4%，全国政府债务的负债率将上升到41.5%左右。

　　尽管财政部认为，地方政府债务风险可控，但高达89.2%的地方政府债务率，使得各级地方政府普遍背负着沉重的债务负担。“借新还旧”这种偿债的老式花样，依旧是地方政府融资平台惯用的手段，这在缓解债务负担的同时，也在延缓中国潜在的债务危机。

　　16万亿地方政府债：拿什么拯救你

　　“从基层融资平台到部分地方政府，实际上仍非常缺钱。”中诚信国际信用评级有限责任公司政府融资评级部评级副总监关飞对《第一财经日报》记者表示，相当一部分地方政府平台融资需求强烈，一方面是亟需缓解存量债务负担，一般这类平台负债率很高，需要举债融资来解决存量债务问题；另一方面是在稳增长的背景下平台本身仍然肩负大量投资任务，增量资金缺口依然很大。

　　那么，拿什么来拯救这“沉重”的16万亿存量地方政府债务？对此，关飞表示，目前大部分地方融资平台依旧以“借新还旧”方式偿还债务，上至省级、直辖市、地级市，下至区县级政府类平台，“最大问题是政府回款情况不好，当期债务只能借新还旧，以缓解债务压力。”

　　通过“借新还旧”的方式，地方融资平台首要目的是减轻当前债务负担，存量债务以“借新还旧”实现滚动，把债务期限拉长，以时间换空间；第二个目的在于，以低成本融资方式替换高成本融资来减轻债务负担，降低债务利息成本，改善债务结构。

　　为了给地方政府减压，财政部出台了债务置换计划。财政部负责人在答记者问时表示，2015年财政部下达了三批置换债券额度共3.2万亿元，发行地方政府债券置换存量债务，有效降低了地方利息负担，缓解了部分地区偿债压力，也为地方腾出资金用于重点项目建设创造了条件。

　　据关飞观察，各地平台采用“借新还旧”以延缓债务压力的比重非常高，“‘借新还旧’不仅发生在区县、地级市，而且更高级别的直辖市、省级平台也相当普遍。”他说。

　　“借新还旧”乱象：银行贷款为主

　　中央财经大学中国银行业研究中心主任郭田勇曾表示，“借新还旧”是地方融资平台的乱象，其在银行与信托均有体现。

　　目前，地方政府融资平台“借新还旧”的融资手段主要以银行贷款为主。关飞分析，政府和平台对于融资成本控制严格，尽管债券融资成本低，但是对于低级别平台发债难度大，从信托和租赁公司融资，成本较高，出于控制成本考虑，银行贷款融资反而较容易获得。

　　对银行而言，经济下行期，信用风险暴露底部未现，资产质量持续恶化，如何“捂住”不断膨胀的“不良”包袱，困扰着各家银行的分支行行长和信贷员们。“借新还旧”就是银行掩盖不良资产最常见的手段之一，以此来降低银行不良率。

　　由于实体企业经营不景气，囿于信贷规模扩张压力，寻找安全资产的投放标的是压低“不良”的生存之道。《第一财经日报》记者此前在陕西、福建、重庆等多地调研时发现，国有大行、政策性银行和股份制银行竞相加大对政府基建类、大型国企的贷款投放，甚至为了争夺地方优质企业，银行纷纷对这类企业贷款下浮基准利率。

　　“‘借新还旧’是银行对企业债务到期最常规的操作，对经营正常的企业而言，是银行给企业的一种便利安排，但问题在于这一操作慢慢变质了，经营不正常的、出现问题甚至已濒临倒闭的企业，银行还在‘借新还旧’，掩盖风险。”一位国有大行广东地区分行小企业部负责人对本报记者说。

　　这种现象在中部国有大行省级分行一位高管这里得到印证。他对《第一财经日报》记者表示，对于生产和供需正常的企业，银行一般续贷维持企业的运作。而对企业是否续贷，主要判断在于是否“僵尸企业”，是否有经营前景，是否有逃脱债务的动机。

　　作为分管公司业务的银行管理层，他表示， 一般政府平台主要贷款，一类是公路铁路基础设施建设类贷款，期限长达20~30年；一类是园区开发贷款，期限4~5年，实际上有些贷款已经陆续到期 。

　　“目前，政府平台的融资增速在减慢，借助海外发债的还款反而在增加。”上述中部国有大行省分行高管表示，“43号文”（《国务院关于加强地方政府性债务管理的意见》）出台后，实际上地方融资平台的融资渠道增多了，基本没有新增贷款，而是更多借助产业基金通道获得银行贷款，至于以前到期的债务则纳入政府平台的债务置换来源。

　　信托融资：以时间换空间

　　除了融资成本的考量，地方政府平台从信托公司融资也不再那么容易。在当前经济下行和信用风险上升的背景下，信托兑付风险增加。2016年一季度末，信托公司全行业风险项目个数为527个，规模为1110.19亿元，较2015年四季度末的973亿元增加137.19亿元，环比增长14%。同时，在监管层一系列重磅监管政策下，信托公司对风险控制更加严格，对于一些风险较高的项目，信托公司内部很难过会，只能放弃。

　　事实上，“借新还旧”的原因多种多样，其中一个重要方面是因为信托项目期限多在1~2年，很多项目资金很难在2年内回款，融资方往往通过“借新还旧”方式来延长偿债期限。一位信托公司人士告诉《第一财经日报》记者：“‘借新还旧’多集中在政信类项目、政府融资平台和资金池项目，同一个融资主体包装成不同的融资项目，但这种业务尚在风险可控的情况下，如果融资方出现问题，信托很少继续为其融资。一旦融资企业出现风险，信托一般不会继续发行新的项目偿还既有债务，否则信托公司的成本会越拉越高。”

　　“‘借新还旧’类项目在信托公司中确实存在，但是预计并不多。”一位信托公司风险管理总监对《第一财经日报》记者表示，对于“借新还旧”项目，信托公司一般采取减额处置，假如一笔项目2亿元到期，融资方无法按期兑换，信托公司发行新一期项目募资，规模将降至1.5亿元，采取这种模式逐步将资金敞口变小。由于信用风险增加，信托公司通过控制额度、控制期限、增加融资成本等方式降低其他方面的风险。

　　另一位大型信托公司业务负责人则对本报记者发表了不同看法：“‘借新还旧’类项目在信托公司中普遍存在，但在我国整体信贷规模中占比不大。一方面，银行贷款是信贷主体，另一方面，主动管理类信托的规模本身也不大。”

　　在信托资金来源结构上，主动管理类信托主要表现为集合资金信托，自2014年三季度占比稳步提升至30%左右，信托业协会今年一季度数据显示，集合资金信托占比升至33.01%。

　　之所以选择不同的融资手段，关飞表示，这与不同企业的偿债能力有关。大型企业和地方融资平台如果具备发行资质，多选择发行可续期中期票据，因为其募集的资金可计入权益类资本，融资的同时无形降低了资产负债率，可谓“一举双得”。

责任编辑：茅敏敏 SN184

文章关键词：
地方政府债 偿债

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