秒速赛车

来源:   2015-01-19

"Risk" trust industry heavy current regulators for the political cooperation letter has now tightened signs

Analysis of the industry, the current local debt due to focus, local government financing demand, financingincreasingly severe environment is the main cause of the political cooperation letter head, but for investors, the credit of government endorsement is not foolproof.

Recently, Chinese Trust Industry Association released "end of the two quarter of 2012 the trust company main business data" display, as of the end of the two quarter, the trust company total trust assets of 5538220000000 yuan, a growth of 15.11% compared with 4811438000000 yuan at the end of 2011, at the end of the first quarter growth of 4.46% qoq.

The two quarter, the political cooperation letter A new force suddenly rises., increase the size of 74400000000,reached 325400000000 yuan, a growth rate of close to 30%, in the whole of the trust business, the proportionrose to 5.88%, ending 7 consecutive quarters of declining trend.

The political cooperation letter, that is, trust companies and governments at all levels in infrastructure,livelihood projects and other areas of cooperation in business. Financing body is usually the local urban construction investment company or enterprise strength, the repayment will usually have a local government orlocal finance bureau to make a commitment, or directly to the local government debt income right as the financing subject.

Local government financing demand

For the two quarter of the political cooperation letter to upgrade, the reason infrastructure trust productvolume, the industry generally attributed it to local government financing demand, financing increasingly severe environment.

Researcher Fan Jie said, GDP growth in the first half broken "8", in order to maintain a relatively rapid economic growth, all infrastructure projects more on horseback, new project has strong capital demand. At the same time, the local debt platform of the stock of debt maturity is an unavoidable reasons. A large trustcompany in Southern China responsible person also admitted to reporters, issued in 2009, the political cooperation letter products and local bonds are in a period of 3 years, this year the debt maturity of the pressure is very big. According to the previous National Audit Office published data, due on 2012 local debt balance of nearly 2 trillion yuan of the day "".

The regulators to strengthen risk prevention and control

According to media work from many trust company held recent years meeting was informed, "risk" has once again become a priority among priorities facing the trust industry in the second half of the year. And journalists from the trust industry understands, current regulators for the political cooperation letter has been tighteningsigns. This personage introduces, at present the company has received the supervising of the political cooperation letter reiterates its request, one point is important "which projects in which the issue".

"We have started on the political cooperation letter now remote issue project to accelerate therecommendation." The trust company responsible person said, now a lot of trust projects must specify paymentbank. Used to be the custodian bank must local banks, many projects are now even cross section, banks have provided local. "A lot of local bank impossible everywhere outlets, if the strict implementation of these requests,the future may affect the political cooperation letter products circulation." The responsible person.

Vigilance over leveraged project

As a government credit "endorsement", the political cooperation letter of the trust products are regarded asalmost no risk products. However, the market to remind people, government credit "endorsement" is not foolproof. CIC Yongxin Asset Management Co vice president Zheng Yu told reporters that they had contact withmany local government financing project, select the "revenue requirements in good condition, structural health,indebted rate is low". Zheng Yu believed that at present throughout the land leasing revenues decline, fiscal austerity, selection of good projects is not easy.

Researcher Guo Yizhen believes that the political cooperation letter products the biggest risk lies in the local government infrastructure and public utilities to generate debt credit, the local debt default risk to social capital through the trust transfer. Trust products has no central government strong guarantee, only from the projectpoint and connect with company introduced the government credit endorsement. Therefore, this kind of projectin comparison with priority and local government debt and other products strongly no advantage.

Senior trust people Liu Qing reminds, because of our country local government had no transparent sheet, trust companies and even local governments and the central government can not accurately control the debt ratio and the debt quality, should guard against the local government project borrowing. The central governmentshould as soon as possible to design compensation mechanism of good local debt exposure, not finally by the central government to pay.


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