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BEIJING, March 1 (Xinhua) -- China will boost the clean-up of thousands of millions of local government's debt in 2012, so to guard against possible defaults that would hurt its banks, the country's banking1 regulator said Thursday.
The country will focus on cleaning up old loans made to local government financing vehicles (LGFV) while tightening2 new debt issues and raising cash to debt coverage3 ratios, China Banking Regulatory Commission (CBRC) said on its website.
The CBRC will strictly4 control the use of LGFV loans, while giving priority to key projects that are under construction, it said.
The regulator will also improve risk monitoring and reclassify LGFV loans to relieve pressure from banks.
Local government debts had risen to 10.72 trillion yuan (1.7 trillion U.S. dollars) by the end of 2010, accounting5 for about 26.9 percent of China's gross domestic product, according to data released by the National Audit6 Office.
Analysts7 fret8 that if a certain proportion of the loans have gone sour, it will push up non-performing loan ratios in the banking industry and threaten banks' credit ratings.
Local governments typically invested the money they borrowed in building infrastructure9. They also faced huge repayment10 pressure in 2011 and now also in 2012.
China's banks had 9.1 trillion yuan of outstanding loans issued to LGFV as of Sept. 30, 2011, the Shanghai Securities News reported last month, saying at least 65 percent of these loans were fully11 covered by cash flows.
The nation's local government debt is overall safe and controllable, Premier12 Wen Jiabao said in the country's financial work conference at the beginning of this year.
Revenues and expenditures13 via the LGFV will be included in the government's budget management while a mechanism14 will be established to control the gross local government debts through a risk-warning arrangement, Wen said.
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1 banking | |
n.银行业,银行学,金融业 | |
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2 tightening | |
上紧,固定,紧密 | |
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3 coverage | |
n.报导,保险范围,保险额,范围,覆盖 | |
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4 strictly | |
adv.严厉地,严格地;严密地 | |
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5 accounting | |
n.会计,会计学,借贷对照表 | |
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6 audit | |
v.审计;查帐;核对;旁听 | |
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7 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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8 fret | |
v.(使)烦恼;(使)焦急;(使)腐蚀,(使)磨损 | |
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9 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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10 repayment | |
n.偿还,偿还款;报酬 | |
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11 fully | |
adv.完全地,全部地,彻底地;充分地 | |
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12 premier | |
adj.首要的;n.总理,首相 | |
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13 expenditures | |
n.花费( expenditure的名词复数 );使用;(尤指金钱的)支出额;(精力、时间、材料等的)耗费 | |
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14 mechanism | |
n.机械装置;机构,结构 | |
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