皇冠体育app

A new town takes shape in Huaxian, Henan province. The country's new plan outlines a diversified and sustained funding system for the drive. Li Gang / for 皇冠体育app Daily

Solutions needed for

皇冠体育app's urbanization drive will speed up the reform of the fiscal and public project funding, as the current financial mechanism for local governments can't meet the huge funding need, according to a newly issued urbanization plan and officials.

The unprecedented National New-Type Urbanization Plan (2014-20) outlines a "diversified" and "sustained" funding system for urbanization. And, for the first time, the State Council has ad to let local governments issue municipal bonds.

At a Wednesday news conference, Liu Kun, vice-ster of finance, said the government will boost the bond market by allowing local governments to issue bonds at their own discretion.

The government also will spur the private sector's involvement in city construction through public-private partnerships.

Analysts said that these initiatives could be a breakthrough for 皇冠体育app's fiscal and funding system. The Budget Law prohibits local governments from carrying fiscal deficits and borrowing funds directly. Debts of some cities and provinces have to be raised through the Ministry of Finance.

The PPP model has not really taken off in 皇冠体育app as government funds still shoulder most public infrastructure projects.

But as the country plans a major expansion of its transport networks and urban infrastructure in anticipation of rural-to-urban migration, traditional financing apparently can't accommodate these needs.

Urbanization should be for people's sake

Experts: GDP growth target reasonable

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