Beijing scholars suggest that the central government issues special government bonds t

Chinese economist, Yao Yang, dean of the National Development Research Institute of Peking University, said in an exclusive interview with Lianhe Zaobao that the Chinese economy did not restore confidence. To break the situation, the policy must be preceded.He advocates that the central government should issue 3 to 4 trillion special Treasury bonds to help local governments pass the difficulties.

Before participating in the Huayan China Global Forum on October 27, Yao Yang accepted an exclusive interview with Lianhe Morning Post.He believes that the tortuous process of China's economic recovery process is still "bottoming out", the economy must be stable, and government policies must be advanced.

He pointed out that China ’s monetary policy has been very loose since this year, and he has put a lot of money out, but it has been circulating in the financial system and has not entered the real economy."To restore confidence, we must persist in expanding fiscal policy."

He said: "I advocate a special government bond of 3 trillion to 4 trillion (RMB, the same below, the same below, the same below, 560.65 billion to 747.53 billion yuan).Cross.

According to the data of the Ministry of Finance, in the first eight months of this year, the budget revenue of Chinese local government funds decreased by 16%year -on -year; of which, the transfer income of land use rights fell by 19.6%year -on -year.

Yao Yang said that local governments are very important for China's economic development, but the basic operations of some governments have encountered problems, and it is difficult to play the role of fiscal correction on the economy.He pointed out that the spending of local governments this year is not as good as the level during the epidemic.

Yao Yang emphasized that government debt should be governed, but "must be saved first, after the saving, then find ways to control the debt problem of local governments, instead of making this reform when economic difficulties."

Refund the loan right to return the bank

When the fiscal tension and the real estate downturn, Yao Yang believes that the government should return the work of "insurance to the building" to the housing enterprise, and at the same time allow the autonomy of lending to the real estate enterprise and return the bank.

He pointed out that the three red lines and bank quotas have never been formally canceled. The current banks are still conservative to leaning to real estate companies, so good real estate companies are also implicated and crisis."Don't let real estate companies add leverage, but in turn let the government add leverage to do what the original enterprise should do. This is a wrong direction."

Yao Yang emphasized whether to put loans and how much loans to a real estate company should evaluate risks, instead of the government's settlement quota.

He said that the problem of China's real estate industry is a structural problem accumulated for many years. It is wrong to solve it through card credit."Three to five years can be solved through structural and reform methods, and you cannot be solved in one or two years."

Yao Yang's judgment, if you can pass more positive signals at the National Financial Work Conference and the Central Economic Work Conference, a positive solution to local government debt and real estate can be passed.After the national "two sessions", confidence recovered.

According to Bloomberg, the National Financial Work Conference once once every five years is also the highest policy meeting of the financial industry, which will be held next week.