The Jiangsu provincial government punished 57 directly responsible persons in charge and other directly responsible personnel to varying degrees. The public information in Guizhou Province also disclosed the information of relevant personnel who were seriously held accountable.
Industry analysts believe that the disclosure of accountability information by the Ministry of Finance in the two provinces is undoubtedly a re-emphasis on strictly regulating local debts, and a warning against violations of laws and regulations has released a clear and severe signal.
It is worth noting that many officials in the two provinces are former officials, which is the embodiment of the "lifelong accountability" system. "Lifelong accountability" and "clarifying the main responsibility of provincial governments" are regarded by the industry as key measures to standardize local debts and prevent and resolve the risks of illegal local borrowing.
It is reported that the current forms of local illegal debt guarantee mainly include: First, continue to finance the government through financing platform companies, bank loans, bond financing tools, trusts, insurance and asset management products. And rely on government guarantees or capital repayment. The second is to borrow money in disguised form through non-compliant PPP, government investment funds and government purchase services.
The relevant person in charge of the Budget Department of the Ministry of Finance pointed out to the reporter of the Economic Information Daily that the disclosure of accountability information in Jiangsu and Guizhou provinces does not mean that the problem of illegal debt guarantee only exists in these two provinces. All localities should learn from it and pay attention to it. To some extent, the provincial governments in the above two places can take the initiative to find problems, deal with them, take responsibility for them, hold accountable and publicize violations of laws and regulations, and stop them immediately. It is worth learning from other provinces, hoping to play a positive role in encouraging other provinces.
In fact, at present, it is not the above two provinces that start verification and accountability for illegal debt guarantees. At present, the Commissioner's Office of the Ministry of Finance has launched a large-scale verification with local governments. Recently, Zhejiang, Chongqing, Shaanxi and Guangdong. Relevant normative documents are issued in the name of the provincial party Committee and the provincial government.
Since the beginning of this year, from the national financial work conference, to the meeting of the Political Bureau of the Communist Party of China, and then to the the State Council executive meeting on July 28th, high-level officials have repeatedly mentioned "local debt", releasing the signal of strict management. At the level of the Ministry of Finance, from the intensive issuance of local debt supervision documents to the exposure and accountability of several local illegal debt cases, the illegal debt guarantee behavior has also maintained a high-pressure situation.
According to the relevant person in charge of the Budget Department of the Ministry of Finance, China has formed a "closed loop" system of local government debt management and supervision. Specifically, it includes: implementing local government debt limit management; Incorporate all local government debts into budget management; Issue new local government bonds; Issuing local government bonds to replace existing government debts; Improve the management of special debts of local governments; Establish risk early warning and emergency response mechanism; Construct a normalized supervision mechanism for local government debt; Resolutely investigate and deal with illegal financing guarantees and publicly expose them.