四地试点自行发债 未来管控风险是关键（Four pilot self issuance, the future management risk is the key）.doc

四地试点自行发债 未来管控风险是关键（Four pilot self issuance, the future management risk is the key） Four pilot self issuance, the future management risk is the key Release time: 2011-10-24 Xinhua news agency, Beijing, October (reporter Xu Rui He Yuxin) 20 reporters learned from the Ministry of finance, approved by the State Council, in 2011, Shanghai, Zhejiang, Guangdong, Shenzhen, local governments to carry out their own bonds pilot. This means that the local government bonds pilot officially launched. Experts believe that their own bonds issued on behalf of local bonds to a transition of self bonds, help local gradually explore the establishment of independent bond issuance model, forming a fixed bond issuance channels. But truly fully realize the local government bonds have a long way to go, how to assess and control the risk of local government bonds will be the primary problem. Four allowed to issue bonds to guide local planning debt management processes Approved by the State Council, in 2011, Shanghai, Zhejiang, Guangdong and Shenzhen carried out local governments to issue their own bonds. Ministry of Finance Division Deputy Director Liu Shangxi said that local bonds on their own is a transitional form between the central local government debt and the issuance of local autonomy. To try to issue bonds by itself can guide local governments to gradually plan their own debt management processes and optimize the debt structure. It is worth noting that, self issue bonds is not self issued bonds.. The so-called independent bonds include four major aspects: the scale of independent bonds, independent projects, bonds, custom use, debt service, all self conceited, that is, a complete and standardized local government debt financing mechanism. And self - issue bonds in the issuance of carry out procedures. According to the notice, self issuance refers to the pilot provinces (municipalities) in the State Council approved the size of bonds issued within the organization of the issuance of