In fact, the belief of city investment has been broken. In recent years, the default of trust plan, technical default of public debt, default of private debt and default of fixed investment financing products of city investment company are common, but there is no substantial default of public debt, which will not cause the belief of the whole industry to burst and collapse. There is no systematic risk in the industry, but there is the possibility of regional thunderstorms. The logic that there is no systemic risk in the whole industry is that the local government is behind the city investment and the central government is behind the local government. Both the central government and local governments put the prevention of financial systemic risks in the first place. As long as the prevention of systemic risks is the goal of hard work, urban investment bonds will have the basis of just redemption. Because if a city investment bond defaults substantially, it will form a domino effect and trigger a systematic panic. But what if a single city investment default does not cause systemic panic? Speaking of it is another matter, local governments and city investment are also divided into three or six grades. Some places have general systematic importance in China, while urban investment has a general position in local development. If their breach of contract has little impact on local governments, especially the central government, there may be thunderstorms. This can be observed through the visit area of the trust company to the political letter project. Under normal circumstances, the three northeastern provinces, Inner Mongolia, Xinjiang, Gansu, Ningxia, Tibet and Yunnan-Guizhou are not on the access list of trust companies.
For the local government financing platform, the basic idea is: not superstitious, not credulous, not abandoned, not giving up. Details are as follows:
1. At present, the main direction of trust is government+real estate. At present, the regulation of real estate is tightening, and the government is one of the few choices left.
2. Personally, political and trust projects need to be cautious. Recently, there are more and more government projects. This category can be used as a selection area, but which project to vote for depends on the specific project.
3. Minefield: You can't buy it anyway. It is best to avoid remote counties in Guizhou, Qinghai, Northeast China and Sichuan.
4. Available area: The best area is in Jiangsu and Zhejiang; Secondly, it is the platform of prefecture-level cities such as Shandong and Chengdu. Try to choose the top 50 counties and regions.
5. Details: local GDP, general public budget revenue, debt ratio and debt structure ... are too numerous to mention.
6. About trust companies: trust companies with special garbage should try to avoid them.