Recently publicized information on the serious treatment of some cities and counties in Jiangsu Province and Guizhou Province for illegal debt guarantee issues. Jiangsu Province public information shows that from 2015 to 2016, Changzhou City, Jintan District, Nantong City, Tongzhou District, Haian Economic and Technological Development Zone, Huaiyin District, Huai'an City, Hongze County, Yancheng City, Yingshui County, Funing County, Jianhu County, Yangzhou City, Jiangdu Economic and Technological Development Zone, Gaoyou City, Zhenjiang City, Zhenjiang New Area, Yangzhong City, Jurong City, Taizhou City, Taizhou Port Core Harbor, Suqian City, Siyang County, and other eight cities and districts of 15 counties (cities, districts) **** 32 projects involving local governments and their subordinate departments through the trust or asset management plan and other means of illegal debt guarantee issues.
The Jiangsu provincial government has given different degrees of punishment to 57 people who are directly responsible for supervisors and other directly responsible personnel***. Guizhou Province's public information also disclosed the serious accountability and treatment of relevant personnel.
Industry analysts believe that the Ministry of Finance, the public disclosure of accountability information in the two provinces, is undoubtedly a re-emphasis on the strict regulation of local debt, a warning of violations of the law, releasing clear signals from the strict.
What is worth paying attention to is that many officials in the accountability of the two provinces are former officials, which is the embodiment of the "lifelong accountability" system. "Lifelong accountability" and "clarify the main responsibility of the provincial government" is regarded by the industry as a key move to regulate local debt and prevent and resolve the risk of local debt violations.
It is reported that at present, local illegal debt guarantee forms are: First, continue to finance the government through financing platform companies, bank loans, bond-type financing tools, trust, insurance, management products, etc., relying on government guarantees or funds to repay. The second is to raise debt in disguise with non-compliant PPP, government investment funds, and government-purchased services.
The relevant person in charge of the Budget Department of the Ministry of Finance pointed out to the reporter of the Economic Reference News that the disclosure of the accountability information of Jiangsu and Guizhou provinces does not mean that the problem of unlawful debt guarantee exists only in these two provinces. All places should learn from this and pay attention to it. To a certain extent, the above two provincial governments can proactively find problems, deal with problems, take responsibility for problems, accountability and publicize illegal and irregular behavior, instantly be stopped. It is worthwhile for other provinces to learn from, and hopefully can play a positive role in motivating other provinces.
In fact, the current illegal debt guarantees to start the verification of accountability is not the above two provinces, the current Commissioner's Office of the Ministry of Finance and local governments have launched a wide range of verification. Recently, including Zhejiang, Chongqing, Shaanxi, Guangdong and other provincial government issued a relevant standardized document in the name of the provincial government.
Since this year, from the National Financial Work Conference, to the Central Politburo meeting, to the State Council executive meeting on July 28, high-level meetings have repeatedly referred to the "local debt", the release of strict control signals. Ministry of Finance level, from the intensive introduction of local debt regulatory documents, to the exposure and accountability of several local illegal debt cases, illegal debt guarantee behavior has been to maintain a high-pressure situation.
According to the relevant person in charge of the budget department of the Ministry of Finance, China has formed a local government debt management and supervision of the "closed loop" system. Specifically: the implementation of local government debt limit management; all local government debt into the budget management; the issuance of new local government bonds; the issuance of local government bonds to replace the stock of government debt; improve the management of local government special debt; the establishment of risk early warning and emergency response mechanism; the construction of local government debt normalized supervision mechanism; resolutely investigate and deal with illegal financing and guarantee behavior and public exposure.