Recently, the topic of restricting local investment impulses has been uninterrupted. First, the local investment and financing platform was rectified, followed by the approval of the county and municipal government investment projects. According to reports, the National Development and Reform Commission's Regulations Department and Investment Department jointly held a revised forum on the “Government Investment Regulations†in Inner Mongolia Alashan League. The focus of the meeting was on “the division of labor and management responsibility of local people's governments at or above the county levelâ€.
We can see that Article 28 of the Regulations stipulates that for central budgetary investment projects with more points, wider scope and less individual funds, the central government will implement a plan for the scale of investment, with the “investment department of the provincial people's governmentâ€. "Arrange specific projects. From the literal point of view, although it is still unclear about the provisions of provincial investment authority, it is certain that the "Regulations" will abolish the approval authority for government investment projects at the county and city level and some prefecture-level governments. This means that this regulation, which has been included in the national legislative plan for nine consecutive years, has finally surfaced.
Why have the central authorities frequently rectified local investment issues? There is a background worthy of attention - last year's 4 trillion financial investment plan and the bank's more than 10 trillion credits, so that local government investment is fully blossoming, and local government's excessive investment has brought huge overcapacity to the entire economic development. From this perspective, it is inevitable to regulate and limit local government investment.
In fact, as for the overcapacity problem in some industries, as early as September 30 last year, the National Development and Reform Commission officially suspended the approval of steel, coke, calcium carbide, coal chemical, wind power equipment, electrolytic aluminum and shipyard, shipyard projects, suspension time For the year 2009 to 2011. However, due to the lack of strictness in the local departments, only the investment promotion and expansion of political achievements have made the problem of repeated construction obvious. In this way, it not only causes overcapacity, wastes material and financial resources, but also causes the industrial structure to remain unbalanced. Industrial upgrading is difficult to promote, and it also puts tremendous pressure on the national energy conservation and emission reduction plan. According to official data, the rebound in the growth rate of high-energy-consuming industries has led to a further increase in energy consumption per unit of GDP in the first half of this year. In the first half of this year, energy consumption per unit of GDP in China increased by 0.09% year-on-year.
What needs to be emphasized is that the problem of excessive local investment has brought huge risks to the development of the entire national economy. In particular, the irregularity of investment and financing platforms of a large number of local governments has caused the local government's debt to expand continuously, which has brought huge development risks. According to the financial data of the 18 provinces, 16 cities and 36 counties announced by the National Audit Office, as of the end of 2009, the above-mentioned local financing platform companies at all levels had 307, and their government debt balances totaled 1.45 trillion yuan, respectively. 44%, 71% and 78% of the total government debt at the city and county levels. The total debt of these local governments is nearly 2.8 trillion yuan. The government debt of local financing platform companies accounts for more than half of the debt balance of the current level.
At present, the Chinese economy is at an important moment in the structural adjustment and development mode, and it is timely to limit the investment impulse of local governments. However, if the decentralized power is to be recovered, it will not be smooth sailing, and it will certainly encounter local resistance. Moreover, this policy will ultimately have to be implemented by local government departments. In the absence of effective supervision, the actual results can be imagined. The seriousness of the problem is that follow-up investment is indispensable as investment in a large number of projects last year entered a new stage. However, now the central government must limit local investment, which will inevitably lead to the breakdown of the construction capital chain of a large number of projects, which may eventually become a "half-pull project."
We can see that Article 28 of the Regulations stipulates that for central budgetary investment projects with more points, wider scope and less individual funds, the central government will implement a plan for the scale of investment, with the “investment department of the provincial people's governmentâ€. "Arrange specific projects. From the literal point of view, although it is still unclear about the provisions of provincial investment authority, it is certain that the "Regulations" will abolish the approval authority for government investment projects at the county and city level and some prefecture-level governments. This means that this regulation, which has been included in the national legislative plan for nine consecutive years, has finally surfaced.
Why have the central authorities frequently rectified local investment issues? There is a background worthy of attention - last year's 4 trillion financial investment plan and the bank's more than 10 trillion credits, so that local government investment is fully blossoming, and local government's excessive investment has brought huge overcapacity to the entire economic development. From this perspective, it is inevitable to regulate and limit local government investment.
In fact, as for the overcapacity problem in some industries, as early as September 30 last year, the National Development and Reform Commission officially suspended the approval of steel, coke, calcium carbide, coal chemical, wind power equipment, electrolytic aluminum and shipyard, shipyard projects, suspension time For the year 2009 to 2011. However, due to the lack of strictness in the local departments, only the investment promotion and expansion of political achievements have made the problem of repeated construction obvious. In this way, it not only causes overcapacity, wastes material and financial resources, but also causes the industrial structure to remain unbalanced. Industrial upgrading is difficult to promote, and it also puts tremendous pressure on the national energy conservation and emission reduction plan. According to official data, the rebound in the growth rate of high-energy-consuming industries has led to a further increase in energy consumption per unit of GDP in the first half of this year. In the first half of this year, energy consumption per unit of GDP in China increased by 0.09% year-on-year.
What needs to be emphasized is that the problem of excessive local investment has brought huge risks to the development of the entire national economy. In particular, the irregularity of investment and financing platforms of a large number of local governments has caused the local government's debt to expand continuously, which has brought huge development risks. According to the financial data of the 18 provinces, 16 cities and 36 counties announced by the National Audit Office, as of the end of 2009, the above-mentioned local financing platform companies at all levels had 307, and their government debt balances totaled 1.45 trillion yuan, respectively. 44%, 71% and 78% of the total government debt at the city and county levels. The total debt of these local governments is nearly 2.8 trillion yuan. The government debt of local financing platform companies accounts for more than half of the debt balance of the current level.
At present, the Chinese economy is at an important moment in the structural adjustment and development mode, and it is timely to limit the investment impulse of local governments. However, if the decentralized power is to be recovered, it will not be smooth sailing, and it will certainly encounter local resistance. Moreover, this policy will ultimately have to be implemented by local government departments. In the absence of effective supervision, the actual results can be imagined. The seriousness of the problem is that follow-up investment is indispensable as investment in a large number of projects last year entered a new stage. However, now the central government must limit local investment, which will inevitably lead to the breakdown of the construction capital chain of a large number of projects, which may eventually become a "half-pull project."
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