Pay 33 a day700 million interest, the total amount of local debt is more than 40 trillion, who should be responsible for this?
Recently, the Ministry of Finance released the local ** account book, which is shocking. As of the end of last year, the balance of local bonds across the country exceeded the 40 trillion mark for the first time, amounting to 407373 billion yuan, and 93 trillion local bonds, a year-on-year increase of about 27%.
In terms of type, there are 15 in it9 trillion yuan is general debt, and 249 trillion. So, what is the difference between general debt and special debt?
To put it simply, general debts are usually used for municipal, education, health, etc., these projects have no income, and the repayment of the main local taxes and other fiscal revenues is included in the general public budget, which is very rigid, and you almost don't have to worry about arrears or non-collection.
The local ** has the obligation to repay, and if there is no particularly major accident, the principal can be recovered and the interest can be obtained at maturity.
Compared with general debts, special bonds are bonds issued for the construction of certain specific projects, such as the construction of airports, bridges, highways, etc., and do not bear the responsibility of repaying debts, and mainly use the income obtained after the completion of the project to repay.
Due to the relatively high absolute value of local government bonds, the interest pressure is naturally small, and a total of 12 trillion in interest, which is equivalent to 33 per day700 million. Ding, 38,965 yuan is gone.
As we all know, the real estate recession in the past two years, the income from land sales, which has a serious impact on the ability to repay debts in various places.
In 2023 there would have been 37 trillion yuan of local debt is due, and only 374 billion yuan of financial funds are actually repaid, and the remaining 33 trillion, or 90%, is to borrow the new to repay the old.
In addition to local debts, there is also a hidden debt in various places, that is, urban investment bonds, which are even more staggering, about 55-65 trillion yuan, in other words, the total debt of various places is about 100 trillion yuan.
In the past ten years, especially in the last seven or eight years, many places have blindly carried out large-scale demolition and construction, and they have to do it if they have money and borrow money if they have no money, and no one cares about what the output is, and it is this irresponsible behavior that has finally caused today's black hole.
Not long ago, CCTV ** a case.
Liupanshui in Guizhou is mainly mountainous and hilly, with an altitude of 586 meters to 2846 meters above sea level, and a population of only 3 million.
From 2013 to 2017, Li Zaiyong served as the city's top leader, when the local annual tax revenue was only 6.8-10.4 billion yuan, and he forcibly launched a series of tourism projects regardless of the actual situation, to build Liupanshui into a world-class tourist destination that has not lagged behind for a century.
The result? Liupanshui has increased its debt by more than 150 billion yuan in more than three years, with an average annual growth rate of more than 300 percent, and the loss of interest alone is more than 900 million yuan a year, which has put a heavy burden on the people of the city.
Afterwards, the province found that 16 of the 23 tourism projects were inefficient idle projects, and the Meihua Mountain Ski Complex, which smashed more than 3 billion lanes, was idle except for a little people for more than a month in winter.
The good news is that after paying a high price, the above finally tightened the amount of bonds issued in various places, effectively curbing their impulse to go crazy on projects, and the new bonds in the country last year were less than 47 trillion yuan, and 85% of them are special bonds, and the general bonds are only 701.6 billion, and the debts for the sake of engaging in them have been greatly reduced.
Of course, the biggest change is that you have started to take responsibility for indiscriminate borrowing.
In the past, you owed a lot of debt in one place, and you could still become an official in another place, and you could even be promoted.
Now it is different, after Cao Jiongfang, the former number one leader of Xiangtan City, Hunan Province, became the first municipal party secretary in the country to be transferred for prosecution for the crime of abuse of power for illegal debt borrowing, many "comrades" have been held accountable for similar things. If it is promoted, who do you think will dare to mess around easily in the future? Finance