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THESIS OF BACHELOR
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1
1.1
...............................................................................................................
1
1.2
...........................................................................................................................
2
1.3
...............................................................................................
4
1.3.1
......................................................
4
1.3.2
.................................................................
5
1.4
...............................................................................................................
6
.................................................................................
7
2.1
...................................................................................................
7
2.1.1
........................................................................
7
2.1.2
........................................................................................
8
2.1.3
........................................................................
8
2.2
...................................................................................................
9
2.2.1
........................................................................................
9
2.2.2
......................................................................................................
10
2.3
.........................................................................................................................
10
................................................................................................
11
3.1
.....................................................
11
3.1.1
..................................................................................
11
3.1.2
......................................................................................
12
3.1.3
..........................................................................
14
3.2
.............................................................................................
15
3.2.1
..................................................................
15
3.2.2
..............................................
18
3.2.3
..............................................................
20
3.3
.........................................................................................................................
21
..........................................................................................
22
4.1
.....................................................................................................................
22
4.1.1
..............................................................................................................
22
4.1.2
..............................................................................................................
24
4.2
.....................................................................................................................
25
4.2.1
..............................................................................................................
25
4.2.2
..............................................................................................................
25
4.3
.....................................................................................................................
26
4.4
.................................................................................................................
26
4.4.1
..........................................................................................
26
4.4.2
..............................................................................................
27
4.5
.....................................................................................................................
29
4.5.1
......................................................................................................
29
4.5.2
..............................................................................
29
4.5.3
..........................................................................................
30
4.6
.........................................................................................................................
31
....................................................................
32
5.1
.................................................................
32
5.2
.............................................................
32
5.3
.....................................................
32
5.4
.........................................
33
..................................................................................................................................
34
.......................................................................................................................................
36
...............................................................................................................................................
37
1.1
2011
1 37
1.2
2009
2011
2010
2008
2010
2011
2010
1
23
BOT ABS 456
2010
2009
:
2009
2
37
2009
2009
2009 2000
2011
2010
2010
2012
2010
3
37
2011
2012
2010-
1.3
1.3.1
--
4
37
1.3.2
1
2
3
5 37
1.4
6 37
2.1
2.1.1
20 80
20 60 20 80
80
190
230
1994
80%-90%
220
1998
7 37
2.1.2
ARO
Federal
Housing
and
Saving
BankFederal
Economic
and
Social
Development
Bank
2.1.3
1
8 37
2.2
1991
2.2.1
1
1995-1996
16
4005.71
1997-1998
12
771.15
1998-1999
12
258.76
1999-2000
5289.68
1999-2000
10
35% 57%
9
37
2.2.2
20 90 2005
2005
2008 25
2.3
10
37
3.1
3.1.1
GDP
2 GDP
66.3
79.9
92.4
82.9
84
84.6
116.7
124.9
44
92.8
0
50
100
198.4
150
200
2010 6.75
10.7 17.5 GDP 44%
2010 GDP
40.1 GDP
OECD GDP
3
99%
11 37
3.1.2
1994 1994
78% 44% 18
1993 4349 2011 103874 22.88
1993 958 2011 51327 52.58
3391 52547 14.5
120,000
80,000
40,000
0
1990
1993
1996
1999
2002
2005
2008
2011
80%
70%
60%
50%
40%
30%
20%
1990
1993
1996
1999
2002
2005
2008
2011
2
12
37
1994
1990 2000
70% 2000 2011 84.88%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1990
1993
1996
1999
2002
2005
2008
2011
3
1994
2011
109248 16514 92734
84.88%
50.59%
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
-5000
1990
1993
1996
1999
2002
2005
2008
2011
4
13
37
2011
8000
100%
80%
6000
60%
4000
40%
2000
20%
3.1.3
1994
3
12 1994 55%
70%
4 2011
51327.32
52547.11
49%
51%
48631.65
41106.74
54%
46%
18277.38
5989.25
75%
25%
174.56
13504.44
1%
99%
10023.35
6746.29
60%
40%
3633.07
2421.04
60%
40%
169.37
2609.92
6%
94%
425.28
616.94
41%
59%
425.28
13.17
97%
3%
14 37
0%
2.99
1.16
72%
28%
2695.67
11440.37
19%
81%
361.40
2695.01
12%
88%
404.02
3635.36
10%
90%
38.76
1262.63
3%
97%
1891.49
3847.37
33%
67%
6936.21
100%
0%
13560.42
100%
0%
-9204.75
100%
0%
29.76
100%
0%
2044.89
100%
0%
2559.12
100%
0%
595.87
0%
100%
1102.39
0%
100%
1222.26
0%
100%
2062.61
0%
100%
302.00
0%
100%
1075.46
0%
100%
2765.73
0%
100%
91.38
0%
100%
3.2
3.2.1
6 1997 2010
1998 2009 30%
15
37
2010
18.86%
70
61.92
60
48.2
50
33.32
40
30
26.52
24.82
23.48
18.86
20
10
0
1997
1998
1999-2002 2003-2007
2008
2009
2010
6
2010 107174.91
67109.51 63%
23369.74 22%
16695.66 15%
22%
15%
63%
7
16
37
46632.06 43%
32111.94 28430.91 30% 27%
27%
30%
43%
8
11 /
53208.39 8 / 23716.35 23%12
/ 29250.17 27%
23%
27%
50%
9
84679.99 79% 4477.93
4% 7567.31 7% 10449.68
10%
17 37
10%
4%
7%
79%
10
3.2.2
55
50
45
40
35
30
25
20
1990
1995
2000
2005
2010
11
2011 50%
51.3% S 60%
18 37
GDP
20
18
16
14
12
10
8
6
4
2
0
18
12.4
12.6
10.3
10.2
13.4
14.3
18.2
13.3 13.5
10
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
12 GDP
GDP
3%-5% GDP 2010 18.2%
GDP 7%
2015 100
000
5
1995
5.4
16.8
11.2
56.9
9.7
2000
14.5
29.0
5.3
41.4
9.7
2003
11.0
33.2
0.5
2.7
46.7
6.4
2004
10.3
31.4
0.2
2.4
49.1
6.8
2005
10.4
28.6
0.2
2.0
52.1
6.9
2006
10.4
28.3
0.4
2.2
51.6
7.5
2007
11.9
26.0
0.2
1.6
53.0
7.4
2008
13.5
23.1
0.1
1.2
54.8
7.4
2009
14.6
25.1
0.4
0.7
52.1
7.4
2010
12.9
25.3
0.2
0.6
53.2
8.0
19
37
3.2.3
2012
9.3
2%
2010
2010
2010 19
20 37
3.3
GDP
1994
21 37
4.1
4.1.1
2011
2010 80%
1999
5
60%
1 5
60%
22
37
9.09
9.10
9.20
2010
2011
2012
7.38
1.70
2008
2009
13
2009
334%
2009
7200
6463
4243
2700
2679
1350
800
721 400
14 2009
23 37
4
2009
2010
1
2
3
4.1.2
2000
7
2000
2001
2002
2003
2004
500
400
250
250
150
15
95
93
54
15
95
93
54
500
415
345
343
204
2005
2006
2007
2008
2009
100
2000
159
189
318
406
1566
175
207
338
359
334
30
30
766
334
396
795
795
2666
434
396
795
795
4666
24 37
4.2
4.2.1
2010
2000
30%-50% 2010 66.7% 2011
8
( )
(%)
2001-2003
9100.0
26168.3
34.8
2004
6000.0
11893.4
50.4
2005
5500.0
15100.8
36.4
2006
7000.0
18303.6
38.2
2007
12000.0
23572.6
50.9
2008
9600.0
28649.8
33.5
2009
15900.0
32602.6
48.8
2010
27100.0
40613.0
66.7
2011
31500.0
52547.1
59.9
4.2.2
,
,,
,,,
,,
25 37
,, PPP ,,BOT(--
) PPP
BOOT(---)BT(-)TOT(--)BOST(---
)
1995 BOT
, B 4
4.3
2000
23%
1
2
3
4.4
4.4.1
2011
26
37
1
2
3
4.4.2
2005
2005
2005
2006
2007
582
2008
3200 8000
2009
1.78
2010
2011
2012
27 37
20000
18000
16000
70.00%
64.02%
18932.2
54.61%
16605.3
17934.32
17692.2
16113.56
46.82%
15301.94
14000
16732.26 16709.51
42.06%
60.00%
50.00%
40.83%
34.73% 33.83%
40.00%
31.96%
12000
30.00%
10000
20.00%
2010-3Q
2010-4Q
2011-1Q
2011-2Q
2011-3Q
2011-4Q
2012-1Q
2012-2Q
15
28 37
4.5
4.5.1
5000
600
4000
400
3000
200
2000
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
1000
-200
16
1990
2007
9
1990
2.21
2001
0.85
1991
2.04
2002
0.82
1992
1.95
2003
0.82
1993
1.87
2004
0.80
1994
0.89
2005
0.86
1995
0.85
2006
0.88
1996
0.84
2007
0.95
1997
0.82
2008
0.91
1998
0.82
2009
0.85
1999
0.79
2010
0.87
1994
0.80-0.90
4.5.2
29
37
2000
0.80
2011
0.88
90
90
90
1992
1
2000 10.
2 204
970 2102 55%
AAA
2
2008 18 2400
3,,
1992
188 ,
2008 132
26.
4% 21
4.5.3
30
37
87-92 12
88
2000 1000
BOT
BOT
40%
4.6
31 37
5.1
5.2
-
-
-
-
5.3
32 37
5.4
33 37
GDP
1994
34
37
35 37
[1],.[J].,2011(2):55-59.
[2],,,.[J].,2010(6):6-11.
[3],.[J].,2010(21):68-71.
[4],.[J].,2012(1):77-80.
[5].[D].[]:
,2012.
[6].:[J].
,2011(3):19-26.
[7].[D].[]:,2012.
[8][M].
-2009
[9],.:[J].
,2011(3):96-99.
[10].[J].,2011(12):46-48.
[11].[J].,2011(19):28-29.
[12].
[J].(),2009(12):27-30.
[13].[D].[]:,2012.
[14],,.[J].
,2010(4):53-60.
[15],.[J].,2011(4):68-70.
[16],,.[J].,2011(7):60-62.
[17],.[J].,2011(4):56-59.
[18][M].:2012.
[19],.[J].,2007(5):64-68.
[20][M] :2011.
36 37
37 37
before, the proportion of debt to GDP in China does not reach the high level. Because of the
different debt structure, debt risk in China is relatively small. After implement of the tax system
reform in 1994, the central government and local government in China have the similar income
level. However, the spending of local government is increasing, followed by the rising local
deficit year by year which led big pressure on local government financing. The asymmetry of
"financial power" and "governance power" of local government and central government is one of
the reasons that result in a shortage of local government finance. After the tax reform, shared tax
between central and local government increases greatly which results in more tax revenues to the
central government. And due to the geographical differences, the gap between the financial
situation in the eastern and the western region is become bigger and bigger. Underdeveloped areas
in western China face more severe debt pressure.
As the main carrier of local government financing, local government financing platform
experienced great growth in twenty years. So far, financing methods of financing platform is still
relatively uniform which mainly depends on bank loans. Facing the demand of urbanization,
however, the local government infrastructure will be still in high speed development, the single
mode of financing is difficult to meet the demand of money. The central government has
published a series of policies of the cooperation of the government and banks in order to control
the risk. Outlook the future development of local government financing platform, the paper points
out that the diversification of the "sunshine finance" is the same direction of central government
and local government in China.
In this paper, according to the source of funding of local government financing channels are
divided into four categories: financial allocation, debt financing, asset financing and equity
financing. Debt financing includes bank loans and bond issuance, and asset financing includes
land financing and project financing. Bank loans is still the main channel of local government
financing; The proportion of land financing in gradually reducing; Project financing is more
flexible, which is beneficial to the government and social capital to participate; Equity financing
for the financing will directly increase the capital of local financing platform which is favorable
for the platforms long-term development.
This paper also introduces innovative financing method: unsecured bonds financing platform
and bank-trust cooperation financial product. Unsecured bonds financing platform has not only the
advantages of bonds issuing but also the least government risks. Bank-trust cooperation financial
product is rising in recent years. The main innovation is that it transfer the the local government
loans from banks balance sheet which expand the new space for the cooperation of local
government and corporate banks. However, bank-trust cooperation financial product is more
suitable for developed eastern regions because of the high investment risk for underdeveloped
region governments.
Based on the analysis of financing development of Shanghai, Shanghai city Investment
Company walks in the forefront of the all local government financing platforms and developed a
diversified financing system. Facing the potential opportunities, Shanghai hopes to explore new
2
3
Facing the problems of local government financing in China, this paper puts forward related
Suggestions:
1) Promote reform of the financing marketization, improve local government financial power:
the central government should encourage local governments to establish multi-level
diversified financing system. On one hand, the government should build diversified financing
channels; On the other hand, the government should set up perfect market constraint
mechanism.
2) Build standard government financing platform, promote establish sunshine debt system: the
shortage of the transparency of local government debt information system need to be
improved. The central government should promote the disclosure of implicit debt of local
government through the administrative operation and transfer it to legally explicit debt. The
central government could also try to establish local governments budget system, the balance
sheet of local government debt, early warning mechanism and reasonable control of local
government debt ratios. At the same time, third party constraint mechanisms are also needed
in the construction of the supervision policies of local government debts.
3) Because of the regional imbalances of local government financial power, central government
should formulate targeted policies: at present, China's regional economic development is not
balanced. Compared to more developed eastern coastal areas, central and western
underdeveloped areas are the platform of government financing. Facing a completely different
region characteristic, China cannot carry out a unified policy which means policies should be
conducted corresponding to less developed areas.
4) Reasonably broaden the private capital, promote the development of local government
financing diversification: the effective absorption of social capital to participate in the local
government investment projects is the reasonable way to solve the capital demand of local
government. While the public projects are facing funding pressure, plenty of private capital is
in urgent need of good investment opportunities. Except from existing project financing
methods, industrial fund is also a good channel for private capital join into the local
government investments.
3 3