China Financial Daily

Development and Reform Commission says it will punish local officials, non-use of debt financing
According to the Voice of China, “Central News” reports 9:37, May 26,Mu hong, deputy director of National Development and Reform Commission pointed out that local governments at the local use of debt financing, there are some problems. Follow-up inspection for not been able to meet the job requirements, the National Development and Reform Commission will take the necessary adjustment and disciplinary measures, as detailed in the Chinese press voice connection.

Voice of China: an integrated information from all parts of view, the use of local debt, how are we? Is satisfactory?

Reporter: The reason why the country had issued 200 billion yuan to consider on behalf of the local debt, it is concerned that there is lack of local matching funds, the current 230 billion additional central investment projects, the need for government investment of about 170 billion yuan, through the generation of fat It should be said that local debt is gradually put in place, is to ensure that the funds, but the National Audit Office in the May 18 notice issued by the audit showed that as at the end of March this year, the project investment of local matching funds in place, only 48%, MU Hong said, This shows that there is no centralized place to issue bonds for the implementation of the new central investment projects, resulting in local matching funds in place of low,Muhong believe that the reason is that there will be some local governments splitting the funding scheme, no synchronization issue the corresponding local matching funds program, there is no clear matching funds all over the responsibility of local governments.

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