原文标题:China's external debt crosses $751 billion


BEIJING: China's external debt crossed $751 billion in March, highest since it embarked on economic reforms in 1985, even as debt ridden local governments have been barred from issuing bonds directly to raise revenues.

The rising debt is adding to concerns whether it may undermine China's fiscal position and cause economic harm, a report in the state run China Daily said.

According to data released by the State Administration of Foreign Exchange (SAFE), the country's total debt increased 8.1% from $695 billion three months earlier.

The proportion of short-term debt rose to a record high of 74%, well above the international alert level of 25%, the Daily report said.





SAFE said the increase in short-term debt is closely related to the rapid development of China's foreign trade.

Meanwhile, China has halted plans to allow local governments to issue bonds directly, as policymakers increase their scrutiny of regional debt risks and call for improved fiscal management at the local level.

The central government will continue to sell bonds on their behalf, official media here reported.

According to National Audit Office, the provinces' debt was stated to be around 10.7 trillion yuan ($1.68 trillion) by the end of 2010, in which local governments are responsible for 70% of the debt repayment.





Some experts have expressed concern that the cancellation of direct debt issuance will put local authorities under greater financial strain.

Jia Kang, director of the Finance Ministry's Fiscal Science Research Centre, said the move does not reflect the actual requirements under current economic conditions.

"It is imperative to open the bond market to local governments as a proper financing channel. It is also a chance to prevent further hidden debt and prevent risks," China Daily quoted Jia as writing in his micro blog.




But now that the door is closed, local governments will face increasing fiscal constraints from decreasing land sale revenues and increasing expenditures on people's livelihoods, Xiang Songzuo, chief economist of Agricultural Bank of China Ltd said.

"Expanding financing channels for local governments and letting them be responsible for their own debt repayments is a basic direction of China's fiscal reform, and that should not be changed," Xiang said.

However, Ye Yanfei, deputy head of the statistics department of the China Banking Regulatory Commission, said the new move will barely affect the repayment of current loans made to local governments through financing.





WAG (Maha Mumbai)
This report is bit confusing, because China’s financial surplus is around USD 20 trillion.
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Bob (USA) replies to WAG
You are confused. China's foreign exchange reserve is about 2 trillion USD (not 20 trillion). That's not the surplus, that's foreign exchange reserve. CHina can still run a deficit and have a reserve (like India does). If an American company (say Microsoft) invests $1 billion in China, China's foreign exchange reserve goes up by $1B USD. That doesn't affect the surplus or the deficit.
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原创翻译:三泰虎 http://www.santaihu.com

Anna (India) replies to Bob
India has 10 trillion in foreign countries and unaudited scams in the country.A single temple in the south holds gold and other metals worth more than a billion. How about the other temples and other places of worship? But who cares as long as the poor are dying of hunger? They are only concerned with God in the temples not the God within the poor.


Bob replies to Anna
You are right, but unfortunately it is only the reserves held by the government that counts towards paying off external debt. Indians and Indian temples hold ENORMOUS amounts of gold, but these are not available to the government to sell to pay off the debts. Maybe if things get very hard, the government will start confiscating the gold from temples.
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Raj (india) replies to WAG
Maybe 20 Trillion Yuan definitely not 20 trillion dollars
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Jagtap (mumbai) replies to WAG
woah.!!!! 20 trillion...omg from where did you got this news...20 trillion in surplus..ah ah ah ahahah ahaah ahhaah.....
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WAG replies to Jagtap
I stand corrected and thank you all(Bob, Raj and Jagtap) for pointing out my grave error. According to latest report (dated 13 Jan 2012) of BBC: Figures from the People's Bank of China showed its reserves had slipped 0.6% to $3.18tn (£2.07tn).
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Sai Vijay (Bangalore, India)
We are seriously heading to economic crisis and not slowdown....Earlier in the recession period atleast BRIC nations were resilient to all these and now CHina also started moving to these debt crisis
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myalmightygod (India)
Are the figures reliable.


All that glitters are not gold! A strong body with a weak heart! seeing is not believing! Audacious and aggressive with a big mouth!


Welingkar (Hyderabad)
So does this move by the Chinese government put a stop to profligate spending on infrastructure by the regional governments? It appears to do so- at least there will be a good deal of prioritising and re-thinking. I am sure the media and those awed by China's infrastructural growth will be disappointed.
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Balraj (delhi)
If China Dying a death out of corruptions, we can also die ! (Wo)man Mohan Singh (noted economist) may say now.
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Anjana (Hyderbad)
So the federal govt is sitting on foreign exchange resrves, while local govts are making merry raising debt.


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原创翻译:三泰虎 http://www.santaihu.com

singh (hf) replies to MRAN
they are ..
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pm mns (india)
China has $4 trn reseve it can repay it within 1 day....! We indian must concern about our debt
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Bpb (USA) replies to pm mns
You are also confused. Reserves don't have to be repaid. Only debts have to be repaid. Reserves may or maynot be usable to repay debts depending on how they are held. If they are held in trust (for example the US holds more than $5 trillion in social security trusts) they can't be used to pay off debts.
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Sid (Sydney) 15 hrs ago
Instead of narrating China's good economic stories our media, suffering from inferiority complex tries to cover the follies of UPA government by only highlighting China's few economic hiccups. China is sitting on a mountain of Foreign exchange reserves - 3.5 Trillion Dollars and has invested in US Bonds, EU bonds. Their local government are not more corrupt than Indian ones!
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kesav scindia ( 9827443390 ) (indore) 15 hrs ago
does not matter if they dress half or full or nude etc. in this country you can bargain a deal as low as USD30 for a night with a lady and frankly its like a tissue -- use, throw and flush it out. who cares? otherwise these so called protestors are soft prostitues and whores only. in china the tv news reader can strip every min to get attention of audience and increase TRP and bikini clad girls will read weather news report so this news is non-sense and i request the chinese ladies to open up little more, may be indian females can learn little from them. if chinese ladies start behaving descent and dress complete attire to casual in public, 25% of the total GDP of china will go down. the biggest industry in china itself is the massage industry. in name of massages are sex parlours, soft and hardcore.
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indian (India) replies to kesav scindia ( 9827443390 ) 12 hrs ago
it is a sign of perversion....i have dealt with few chinese people and they are sex freaks....hope some sense comes into their daily life
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Thinking_Dimaag (BharatVarsh)
Looks like China could be the next USSR in line.
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Siva Krishna Kota (Riyadh) replies to
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hope so


Huntsman (Planet Earth)
We are more concerned about China's doomsday than India's. We need to clean this country up before we dwell into others miseries!. China has enough reserves to bank roll itself while for India, we may have to head to China to bankroll us!
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Misleading article
by Anand Khatavkar on Jun 27, 2012 07:45 PM

This is a totally misleading article.

China has a Forex reserve running upto a couple of Trillion Dollars. They are just playing around to show there economy is in Bad Shape.

The writer has gone nuts and misleading people. He should first get his facts right.




by Raj Gupta on Jun 27, 2012 07:54 PM | Hide replies

CHina is a about US$7.5 trillion economy, with US$3.2 trillion forex, andt US$750 billion external debt.
India is a about US$1.75 trillion economy with US$ 290 billion economy and about US$280 billion external debt.

If China is sinking, how about India?




Re: Yawn
by Sanjay on Jun 27, 2012 08:12 PM
India does not look good with those figures. What you are doing Manmohan Singh, at least Mukher is gone. Hope you can save your reputation.


Re: Yawn
by toga on Jun 27, 2012 11:54 PM
India looks like it should be sinking by now....
oh wait, it is sinking.



原创翻译:三泰虎 http://www.santaihu.com

by toga on Jun 27, 2012 11:53 PM

I love when india is sinking, everybody starts to writing doom day story about china.
They've been writing this kind of doom day story since what? 1990? look what happened?


by om shanti on Jun 27, 2012 07:01 PM

Not sinking,donot mislead.China is increasing focus on import now rather than export.

China is allowing ASEAN and many other nations to have trade surplus to support their economies.

When China has trillions of foreign reserve,this debt is nothing..



China is clever
by David Dak (View MyPage) on Jun 28, 2012 04:35 AM

China is very clever to announce that she has so much of external debt. China is very clever to announce that China has 100 million people living below poverty line. Such messages are telling world that China is still poor and please do not expect China to save you either europe or usa. How clever is this? By the way China has contributed to IMF 45 billions US dollars (india puts in 10 billions). World should appreciate what China has done by contributing so nuch even herself is still a poor developing country.


What is new about it
by Sirisha K (View MyPage) on Jun 28, 2012 12:58 AM

Investors and experts have already said this for last 4 years now. China's economy is about to hit the skids. In fact experts have warned that due to the rise in unemployment and lack of basic needs, there could be a social unrest soon in china. Unlike India, China is not a democratic nation and foreign investors does not have much confidence in China. The only advantage to China is their cheap labor cost as the rich industrialists can exploit poor labourers and get the work done. But india's growth story is going down too, thanks to low lying government, irresponsible opposition and impatient people. India should stop worrying about other things and focus on growth, otherwise our unemployment will raise alarmingly as our population blooms.


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