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Several Opinions of the State Council on Strengthening the Administration of Local Government Debts [Effective]
国务院关于加强地方政府性债务管理的意见 [现行有效]
【法宝引证码】

Several Opinions of the State Council on Strengthening the Administration of Local Government Debts 

国务院关于加强地方政府性债务管理的意见

(No. 43 [2014] of the State Council) (国发〔2014〕43号)

The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries and commissions of the State Council; and all institutions directly under the State Council: 各省、自治区、直辖市人民政府,国务院各部委、各直属机构:
For purposes of strengthening the administration of local government debts and promoting the sustained and sound development of national economy, in accordance with the spirit of the 18th National Congress of the Communist Party of China (“CPC”), and the Third Plenary Session of the 18th CPC Central Committee, the following opinions are hereby offered: 为加强地方政府性债务管理,促进国民经济持续健康发展,根据党的十八大、十八届三中全会精神,现提出以下意见:
I. General Requirements   一、总体要求
1. Guiding Thought. You shall, under the guidance of the Deng Xiaoping Theory, the important thought of “Three Represents” and the Scientific Outlook on Development, and in accordance with the decisions and deployments of the CPC Central Committee and the State Council, thoroughly implement the spirit of the 18th National Congress of the CPC and the Third Plenary Session of the 18th CPC Central Committee, establish an administrative mechanism of local government debts integrating “borrowing, utilizing and repaying,” effectively maximize the positive role of local governments in standardizing debt financing, feasibly prevent and resolve fiscal and financial risks, and promote the sustained and sound development of national economy. (一)指导思想。以邓小平理论、“三个代表”重要思想、科学发展观为指导,全面贯彻落实党的十八大、十八届三中全会精神,按照党中央、国务院决策部署,建立“借、用、还”相统一的地方政府性债务管理机制,有效发挥地方政府规范举债的积极作用,切实防范化解财政金融风险,促进国民经济持续健康发展。
2. Basic Principles. (二)基本原则。
You shall combine encouragements with restrictions. You shall establish open canals and block illegal channels, grant authority of legal and moderate debt financing to local governments, and accelerate the establishment of a standardized local government debt financing mechanism. Meanwhile, local governments shall be resolutely stopped from borrowing debts in violation of laws and regulations. 疏堵结合。修明渠、堵暗道,赋予地方政府依法适度举债融资权限,加快建立规范的地方政府举债融资机制。同时,坚决制止地方政府违法违规举债。
You shall distinguish responsibilities. The responsibilities of the government and enterprises shall be clarified. Government debts shall not be raised through enterprises and debts of enterprises shall not be repaid by governments, to feasibly realize who borrows pays and independent risk assumption. Governments that cooperate with social investors shall assume relevant liabilities according to the law and the agreed rules. 分清责任。明确政府和企业的责任,政府债务不得通过企业举借,企业债务不得推给政府偿还,切实做到谁借谁还、风险自担。政府与社会资本合作的,按约定规则依法承担相关责任。
You shall standardize administration. You shall control the size of local government debts, strictly restrict the government's debt financing procedures and use of funds, incorporate local government debts into full-caliber budget control in a classified manner, and realize the unity of “borrowing, utilizing and repaying.” 规范管理。对地方政府债务实行规模控制,严格限定政府举债程序和资金用途,把地方政府债务分门别类纳入全口径预算管理,实现“借、用、还”相统一。
You shall prevent risks. You shall firmly hold the bottom line of avoidance of systemic or regional financial risks, and effectively prevent and resolve fiscal and financial risks. 防范风险。牢牢守住不发生区域性和系统性风险的底线,切实防范和化解财政金融风险。
You shall make steady progress. In strengthening debt administration, you shall not only actively promote it, but also be cautious and robust. While standardizing administration, you shall properly handle the stock debts and ensure that projects under construction are promoted in an orderly manner. 稳步推进。加强债务管理,既要积极推进,又要谨慎稳健。在规范管理的同时,要妥善处理存量债务,确保在建项目有序推进。
II. Accelerate the establishment of a standardized local government debt financing mechanism   二、加快建立规范的地方政府举债融资机制
1. Granting legal and moderate debt financing authority to local governments. With approval of the State Council, governments of provinces, autonomous regions, and municipalities directly under the Central Government may appropriately borrow debts; and governments of provinces, autonomous regions, and municipalities directly under the Central Government may borrow debts on behalf of governments at the city and county level that indeed need to borrow debts. The boundaries between government and enterprises shall be explicitly distinguished. Government debts may only be incurred through government and its departments, other than enterprises or public institutions. (一)赋予地方政府依法适度举债权限。经国务院批准,省、自治区、直辖市政府可以适度举借债务,市县级政府确需举借债务的由省、自治区、直辖市政府代为举借。明确划清政府与企业界限,政府债务只能通过政府及其部门举借,不得通过企事业单位等举借。
2. Establishing a standardized local government debt financing mechanism. Government bonds shall be issued for debt financing of local governments. General debts that indeed need to be raised by the government for the development of public welfare causes without earnings shall be raised by local governments through issuing general bonds and mainly be repaid with general public budget revenue. Special debts that indeed need to be raised by the government for the development of public welfare causes with certain earnings shall be raised by local governments through issuing special bonds and mainly be repaid with corresponding government funds or special revenue. (二)建立规范的地方政府举债融资机制。地方政府举债采取政府债券方式。没有收益的公益性事业发展确需政府举借一般债务的,由地方政府发行一般债券融资,主要以一般公共预算收入偿还。有一定收益的公益性事业发展确需政府举借专项债务的,由地方政府通过发行专项债券融资,以对应的政府性基金或专项收入偿还。
3. Promoting the use of the Public-Private-Partnership (“PPP”) model. Social investors shall be encouraged to participate in investment and operation of urban infrastructures and other public welfare causes with certain earnings through franchise operation and other ways. The government shall, through franchises, reasonable pricing, financial subsidies, and other convention rules on earnings that are disclosed in advance, make investors have long-term stable income. Investors shall make contribution under the market principle, and independently or jointly establish special purpose companies with the government according to the convention rules to build and operate the cooperation projects. Investors or special purpose companies may, through bank loans, enterprises bonds, project revenue bonds, asset securitization, and other market-oriented approaches, borrow debts and assume the liability of debt repayment. The government shall, for investors or special purpose companies, assume franchise, reasonable pricing, fiscal subsidy, and other related responsibilities according to the law and the convention rules, but shall not assume debt repayment liability of investors or special purpose companies. (三)推广使用政府与社会资本合作模式。鼓励社会资本通过特许经营等方式,参与城市基础设施等有一定收益的公益性事业投资和运营。政府通过特许经营权、合理定价、财政补贴等事先公开的收益约定规则,使投资者有长期稳定收益。投资者按照市场化原则出资,按约定规则独自或与政府共同成立特别目的公司建设和运营合作项目。投资者或特别目的公司可以通过银行贷款、企业债、项目收益债券、资产证券化等市场化方式举债并承担偿债责任。政府对投资者或特别目的公司按约定规则依法承担特许经营权、合理定价、财政补贴等相关责任,不承担投资者或特别目的公司的偿债责任。
4. Strengthening supervision of the government's contingent liabilities. Financing platform companies' government financing functions shall be stripped off and financing platform companies shall not have new government debts. Local governments that have new contingent debts shall be strictly restricted within the scope of lawful guarantee and shall assume relevant liabilities according to the guarantee contract and the law. Local governments shall strengthen statistical analysis on and risk control over contingent liabilities and effectively complete relevant supervision work. (四)加强政府或有债务监管。剥离融资平台公司政府融资职能,融资平台公司不得新增政府债务。地方政府新发生或有债务,要严格限定在依法担保的范围内,并根据担保合同依法承担相关责任。地方政府要加强对或有债务的统计分析和风险防控,做好相关监管工作。
III. Implementing size control and budget administration over local government debts   三、对地方政府债务实行规模控制和预算管理
1. Implementing size control over local government debts. Limit management shall be implemented for the size of local government debts and local government debts shall not exceed the limit approved. The size of local governments' general debts and special debts shall be subject to limit management, be determined by the State Council and be submitted to the National People's Congress or its Standing Committee. Limits for different regions shall be measured by the Ministry of Finance within local government debts size approved by the National People's Congress or its Standing Committee, in light of the debt risks, financial conditions, and other factors of all regions, and submitted to the State Council for approval.
......
 (一)对地方政府债务实行规模控制。地方政府债务规模实行限额管理,地方政府举债不得突破批准的限额。地方政府一般债务和专项债务规模纳入限额管理,由国务院确定并报全国人大或其常委会批准,分地区限额由财政部在全国人大或其常委会批准的地方政府债务规模内根据各地区债务风险、财力状况等因素测算并报国务院批准。
......

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