land transfer income adjustment distribution system
Aquarter,policy effectcontinues to show,economy picks uplimits to expand ceaselessly,external demandsituation to improve,economic growthbasicallyreturned tonormalgrowth interval.However,the entity economynewpoint of growthhas not been formed,economic growth momentumhas not yet been achievedbythe pull of the external policyto marketinternaldrive conversion,externaldemand picks upthe foundation is not solid.
At the same time,the structural contradictionand potentialrisks become more prominent,the debt risk of local governmentcontinues to accumulate,partialcityprice bubblerapidexpansion,inputprice pressurescontinue to increase,economic growth in the second halffacingincreased uncertainty.
This year the economymay before tall hind low onthe United Statessub-loan crisismechanism,itvery clear.In the real estate bubblegrowingsituation,residentstend toreal estatethe unilateral revaluation anticipatedas collateralto bank loans,based on the sameoptimistic expectationsbanking alsodare tolarge-scalemade subprime loans,results,when the real estate marketappears to reversetime,householdcash flowfracture,secondaryhousing loannumberdefault,personaldebt risktothe financial systemaccumulate,eventually led toa massive financial crisis.
Current local governmentfinancingstatus andAmericansubprime mortgage crisisfacingeconomic environmentis not exactly the same,but the situationis similar to some,a common featureis the real estate marketreversalwillcutthe borrowercash flow,is differentinthe United States of Americareal estatebubble burstby the residentsof familyfinancial institutions totransferrisk,andinChineselocalland transfer incomesubstantially reducedbylocal governmentfinancial institutions totransferrisk.
In 2009thenew$9,burberry.6loan,how manymoney intoall levels oflocal government financing platform,air jordan pas cher,there is no precisedata.Butaccording to thecount,in thelast19 nationaltrillioninvestment in fixed assets in urban area,the central publicinvestment of less than$1,the land transfer revenuesfor the$1.
42inprivate investment,energyshortage situation,the bankfunds into thelocal investment and financingplatformnumbershould bein the minority,supra.At present,theHubeiprovinceis announced to the society12trillion investmentplan,Chongqing also announcedtrillion investment plan,be just unfoldingaroundinvestment competition.
Once the real estate marketreversal,local government cashflow problems,financial risktobanks,there will bethe currency of the creditand the real economy relaydouble contraction,be not easily wonthegoodsituation willlose after having got it.
Thedebt risk of local governmentandthe banking systemfinancialrisk problem isvery outstanding,must immediately begin toregulate localinvestment and financing behavior,air jordan pas cher.In this case,can be predictedby thelocal government to promote theinvestment growth ratewill declineover the same period last year,withthe main economic data after the former high-lowspecial factors,economy moves this yearmayoccur throughout the year before tall hind low .
The current interest rateis not desirableat present,the real estate bubbleandthe issue of local government debtat the same time,protruding showsis not accidental,doudoune moncler.The land revenueand realestate pricesclosely tied together,as long as the realestate prices continued to rise,huge amounts ofland assignment incomewill be the place wheremassive governmentinvestment expenditureand debt repaymentstable source,michael kors.
Instead,once the real estatebubbleswas Pierce,real estateprices,moncler,landtransfer incomeis greatly reduced,moncler,andthe bank debtchain will bebroken,the local government,banks,developers will bedamaged,soare not willing toput realhousing prices down,this is the real estatepriceadjustment is notthe main reasonfor a long timeunder.
Since last year,ina loose monetary policy,becausethe real economy has not yet beenthe emergence of new growthpoints,air jordan,large amounts of fundsinto the real estateinvestmentlinks andretail sectors,the first quarter of this year,the national real estate investmentgrowth35.
1%,commercial housingsalesgrowth of 35.8% area.In the part ofcity,the real estate marketunilateral revaluation anticipatedevokedwidespreadspeculationbehavior,individualfirst-tier citiesnew commodityhousing sales priceeven more than 60%,real estate pricessoar,abercormbie paris.
In this case,the real estate bubbledoes bigger more,abercrombie paris,truesince residents livingneedsto acceleratebyextrusion,has become theeconomic development and social stability of theimportanthidden danger.
Real estate bubbleand inflation expectationcoexist,the traditionalcontrol methodis theinterest rate hike,fundamentally changethecost-benefit structure ofspeculative funds,butthis approachis notdesirable.
The substantial increase in interest ratesmay bea sharp tighteningreal estate developerscash flow,reducingthe supply of real estate,and further strengthen thereal estate marketdemand contradictions,but alsogreatly improve thereal estate developersand local government financingcost,promote thecredit risk to thefinancialsystemaccumulate.
Recently,the State Councilissueda series of real estate regulatory policyimplementation,includingdifferentialinterest rate loans,tax regulation,affordable housing,the government accountabilityinside a series of policymeasures,the real estate marketspeculationprecision strike,www.christianelouboutinfrance.com,this structuraladjustmentstrategyis scientific.
However,real estate issuesand localgovernmentrevenueand taxation systemsproblemsare closely linked,not movingsystem,not to change themechanismcan notfundamentally solve the problem,should immediatelystartincluding the establishment ofpropertytax and localtax source,stableto issue local government bond,reforming the institution of land requisition,land transferincomeadjustmentdistribution system,reform package.
Otherwise,ifcontinue to be thereal estate priceswithlocal directincome,real estatemarket is difficult tomaintainlong-term healthydevelopment.Inflationshould not beoverall tightening ofone quarter ofthe resident consumption price rises 2.
2%,a month by monthto accelerate thetrend,in March rose by 2.4%,in addition toChilling Icy Rain and snow weatherfactors leading tofreshfruitand otherfood pricesand thetail factoroutside,a very main reason isthe international bulk commodity priceshocks higherincreasedinput bloatingpressure,these pressuresare currentlythrough theenergy and raw materials,factory prices of industrial products-final consumption goodsthis chainprogressive conduction.
From the previoussituation,because ourultimateconsumer goods markethas been oversupply,this kind of costdrivetransmissiondynamics and the effectis also very difficult to say,Imostprice factorsbut also fromproduction enterpriseinterior to digest,abercrombie.
In acrisissituation,monetary policy isinterlinked,inflationis not necessarilytoraise interest ratesto solve,www.burberryssoldesmagasin.com.Overall tighteningofdemand pull inflationtargeted,onimported inflationhad little impact,air jordan,respond poorlybut willcrunchfolkinvestment.
Hot moneyisathree-prongedgovernance since thequarterly,loanis still growing fast.In March,foreign exchange loansof $10100000000,and last month.As of the end of 3,foreign exchangeloan to depositratio up to 191.
5%.Theinflux of hot money inChina,mainlytothree kind of income:one isthe United Statesand other western countriespolitical pressurebrought about bythe anticipation of RMB appreciation,franklin marshall;twois the domestic realestatemarketis expected to rise;three isforced to raise interest ratesbrought about by thepeoplecurrencyarbitrage expectations.
The currentexternalenvironment remainscomplex and austeretask is arduous,stabilize external demand,exchange rateshould be keptstable;inthe real estate market toresolutely crack down oninvestment behavior,supra shoes,tosqueeze the bubble,curb speculativeexpectation;interest rateshould remain stable,reduce arbitrage space,franklin and marshall.
At present,the real estate bubble,the issue of local government debt,inflation,RMB appreciationproblem interweaves together,michael kors outlet,structural sex contradictionand potentialrisk highlights,Moncler Sito Ufficiale,must consider as a whole,properly handle.
Next,shouldaccording to the new situation andcontinue to improvepertinence andflexibility,withstructuralmethods,avoidfullrateandgross constrictive,further consolidate the economicturnaroundsituationas soon as possible,the launch of a new round oftaxsystemreform in key areas,increase nationalincome adjustment strength,accelerate breedmainly byconsumerguide(,)point of growth.
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