Ordos 100 billion debt: a large number of construction sites stopped working, and unfinished buildings were everywhere.

"The total fiscal revenue for the whole year is more than 80 billion, and the debt is 300 billion." Once such disparate data was reported, Erdos instantly fell into a huge whirlpool of public opinion. In the context of the bankruptcy of Detroit, an important automobile town in the United States, the label of the ghost town Ordos was changed to "the city of debt", and the bankruptcy crisis was overwhelming.

Not only that, the news that the Dongsheng District Government of Erdos borrowed 65.438+0.5 billion yuan from enterprises to "pay wages" is also spreading wildly. At the same time, the National Audit Office initiated a major review of local debts. In this regard, the reporter of China Times went to Hubei to investigate.

"No, no, there can't be so many. I think it will not exceed 654.38+00 billion yuan. " On July 3 1 day, Hun Kwai Ta, deputy director of the Finance Bureau of Dongsheng District, was interviewed by this reporter and repeatedly denied relevant rumors. Liu Jianxun, director of the Hubei Provincial Finance Bureau, did not directly respond to the total debt of the city, only said that the specific data were being verified and defined according to the latest statistics of the Audit Office.

In response to the news that "the government borrows money to pay wages", the Ordos Municipal Finance Bureau said in a statement sent to this reporter that it did borrow 654.38+05 billion yuan from Yitai Group, but it was not used to pay wages, but all of it was used for people's livelihood expenses. The borrowed funds have been repaid as scheduled.

However, the reporter found in Ordos that the debt problem caused by the previous city-building movement dragged down the local economy, and many enterprises that were in arrears with the project payment were in trouble. This debt-triggered economic crisis may continue to ferment.

Borrow money, but not to pay wages.

While calling Ordos "the city of debt", the above report also revealed that at the end of 20 12, Dongsheng district government borrowed 654,380.5 billion yuan from Yitai group, a key enterprise in its jurisdiction, to pay civil servants' salaries.

On August 1 day, the reporter of China Times went to Yitai Group to verify this matter. Zhang, chairman of the group, celebrated his 70th birthday that day. He told reporters that at the end of 20 12, the leaders of Hubei provincial government told him that due to the shortage of funds, I hope Yitai can borrow 654,380.5 billion yuan. "I said at the time that it is ok to borrow money, but I have to pay it back on time. As a result, it was borrowed at the end of 65438+February last year and returned at the end of March this year. "

In particular, Zhang stressed to reporters that the loan of 65.438+0.5 billion yuan came from the group, not the joint-stock company (that is, Yitai B shares). According to Zhang, there were rumors that he went to the United States to avoid borrowing money from the government and planned to move his headquarters out of Ordos. "This is complete nonsense." He explained that he went to the United States to visit his grandson who studied there and treat asthma; The relocation of the headquarters is more vulnerable to review. Yitai was born and raised in Ordos, and the municipal and district governments are good to enterprises. Coupled with advanced modern technology, even if enterprises increase foreign investment, there is no need to relocate their headquarters.

In response to the rumor that Yitai Group also borrowed money from Dongsheng District Government, Zhang said that Yitai actually provided guarantee for the financing of enterprises affiliated to the district government. "This is normal corporate behavior."

Before the deadline for publication, the Hubei Provincial Finance Bureau sent a special explanation to this reporter: After careful investigation and verification, governments at all levels in this city have never borrowed money from enterprises for the issue of paying wages ... In 20 12 years, the budget revenue of the municipal government was 37.55 billion yuan, all of which were local "real money", while the salary expenditure in the same period was 8.28 billion yuan, accounting for only the budget revenue of the municipal government. The above-mentioned relevant data fully shows that the municipal finance is fully capable of ensuring the needs of wage expenditure, and there is no need to borrow money from enterprises to pay wages.

So why did the government borrow money? Can civil servants' salaries be paid as scheduled?

Hubei Provincial Bureau of Finance said that at the end of 20 12, Yitai Group was temporarily loaned 65,438.05 billion yuan to pay the wages of migrant workers in some flag areas and major livelihood expenses. The borrowed funds will be repaid as scheduled on March 20 13.

Hun Kwai Ta said that up to now, there has been no arrears of civil servants' wages in Dongsheng District. "The salaries of financial support personnel, including civil servants, were paid in the same month, and the salary in July was paid a few days ago."

However, Dai also admitted that in the past, the salary was paid in the middle of the month, but now it is changed to the end of the month.

Tragic project payment

If civil servants are guaranteed in the context of local debt accumulation and expansion, then enterprises, especially those with large projects that burn money, are not so lucky.

"We have four months of golden summer vacation. Since last year, the government has put forward the development idea of making Dongsheng a summer resort and leisure capital. " Hun Kwai Ta said. On the day of the reporter's interview in Dongsheng District, the tourism bureau, cultural bureau and other units in the district went to Hangzhou to promote tourism in the continuous high temperature.

It seems to be a signal that Hubei is vigorously developing tourism. In the context of the bursting of the Ordos property market bubble, the collapse of usury, the cold snap of the coal industry, and the equipment manufacturing industry that had been highly anticipated before, Ordos had to seek rebirth.

The reporter found in the local interview that in the changing Ordos, a large number of construction sites were shut down, there were many unfinished buildings, many facades on the street were closed, and there were few people and cars.

"Ordos is a big problem now. The government is heavily in debt and the business life is sad. " On July 30th, a person in charge of an enterprise in Erdos, who asked not to be named, pointed to the spacious and empty office building and said that the company had laid off a group of employees in recent days to ease the operating pressure. "I have no money to pay for a few months."

According to the person in charge, he undertook the municipal engineering construction of several flag district governments many years ago. After the completion of the project, the government defaulted on the project payment for three or four years. Because the capital chain is broken, the enterprise has been unable to carry out the follow-up operation, and the work at hand has stopped.

"Every once in a while, I go to the Construction Bureau and the main leaders of the government. The other party's answer is that there is no money and I have to wait." He kept sighing as he spoke.

It is understood that only in the Kangbashi New District Management Committee, many builders are in arrears with the project payment, such as Xingtai Group, which undertakes the construction of kangbashi Management Committee Building, Dongfang Luqiao Company, which is responsible for road and bridge construction, and enterprises undertaking greening. The arrears range from millions to hundreds of millions. In the creditor's view, the management committee of Kangbashi New District is under great pressure to pay off debts, because there are few large enterprises in its jurisdiction and its fiscal revenue is meager. According to the data, the total fiscal revenue of Kangbashi New District in 20 12 was 159 billion yuan, which was less than150 of the whole city of Ordos.

"It can be said that the vast majority of enterprises related to real estate development and engineering construction are on the verge of despair and may close down or go bankrupt at any time. The company may lay off employees or have a holiday, and the bosses have gone outside. " The person in charge asserted that it will be difficult for Ordos economy to turn over in 10.

What do you know about government debt?

How much is the government debt? The media previously reported that the local government debt in Hubei is huge, and the private estimate is 300 billion or even 400 billion yuan. A person close to the Ordos municipal government said that the total amount was 240 billion yuan.

Hun Kwai Ta revealed that at the Ordos Financial Work Conference held at the beginning of this year, relevant materials reported that the amount by the end of last year was less than 80 billion yuan.

Hun Kwai Ta said that from a professional point of view, the actual amount may be slightly larger than the above caliber, but the difference will not be great. He explained that according to the general practice, if the project has no final accounts, the relevant amount will not be included in the government debt, but there are not many such projects, because there were not many new government projects because of the economic downturn last year.

In Dai's view, the rumors about the amount of local debt are too exaggerated. He took Dongsheng District, where he worked, as an example. It is rumored that Dongsheng District has a debt of 80 billion, or even 654.38+00 billion. In fact, the total debt of Dongsheng District is about 20 billion, mainly concentrated in the city investment company.

According to the audit report of Dongsheng City Investment Company on 20 1 1, the company raised 25.5% from Yitai Group, Ordos Manshi Real Estate Development Company, Beijing Xinghewan [latest news price apartment review] [latest news price apartment review] real estate companies and other enterprises on 20 1. The report also shows that by the end of 20 1 1, the loan balance of Dongsheng Chengtou to CDB Inner Mongolia Branch, China Construction Bank and China Bank was 4.5 billion yuan. The above two items add up to about 7 billion yuan.

Even according to Dai, Hubei's debt is within 654.38 billion yuan, which is already very high relative to fiscal revenue.

Liu Jianxun told this reporter on August 2 that due to long-term subsidies from above before 2004, the city had many historical debts in the fields of urban and rural infrastructure construction and public services; After 2005, the financial strength increased rapidly, and the government began to increase investment in people's livelihood, infrastructure, industrial development and other fields, which created a miracle of urban construction in a relatively short period of time and formed some government debts accordingly.

However, Liu Jianxun stressed that compared with the available financial resources of more than 40 billion yuan per year, Hubei's debt is generally within the safe and controllable range, and it is fully capable of being completely resolved before 20 15.

"We attach great importance to solving the government debt." Liu Jianxun said that the specific measures to solve the existing debt include: on the basis of the budget arrangement at the beginning of the fiscal year, all the public budget, non-tax revenue and government fund income that may be overcharged are used for debt conversion; The funds for reducing the "three public funds" and recurrent project expenditures, government procurement funds and government investment infrastructure budgets are all used to pay off debts; Integrate, revitalize and dispose of all kinds of state-owned assets in stock, all of which are used to pay off debts.

Measures to control incremental debt include: reducing the scale of government investment, and not borrowing for construction in the next five years except for key livelihood projects; Except for urgently needed livelihood projects such as primary and secondary schools, kindergartens and health centers, projects that have not been approved for construction are not allowed to start. Projects that have already started are divided into key points and key points; No new building, expansion or purchase of buildings and halls shall be allowed within 5 years; Strictly control the cost of projects under construction.

Sequelae of the city-building movement

Although Hubei officials are full of confidence in resolving the debt, the huge debt has caused a heavy drag on economic development.

"The enterprises that are most affected are those that are in arrears with the project payment. The government over-builds cities, and the bitter fruit is borne by enterprises. The lesson deserves deep reflection. " The person in charge of the above-mentioned enterprise, who asked for anonymity, said that the debts formed by the city-building movement disrupted the normal pace of economic development.

Regarding the fact that a large number of enterprises are in trouble due to default, Hun Kwai Ta admitted that the government is under great pressure to repay debts in the context of a sharp drop in coal prices and a depressed property market. According to reports, Dongsheng District achieved a fiscal revenue of 654.38+009 billion in the first half of the year, barely completing half of the annual plan; The pressure in the second half of the year is great because the economy has not improved yet.

Just a few years ago, the average annual growth rate of fiscal revenue in Dongsheng District was 20% to 30%. Before 20 12, Dongsheng district's fiscal revenue ranked first in the autonomous region for seven consecutive years, which made Dongsheng district government officials proud. In this jubilation, Dongsheng District has set the "Twelfth Five-Year Plan" as "achieving fiscal revenue of 50 billion yuan by 20 15". Now even Hun Kwai Ta has to say, "It seems that this goal is difficult to achieve."

According to the data held by the reporter, in the fiscal revenue of 654.38+009 billion yuan in Dongsheng District in the first half of the year, coal enterprises contributed the most, Yitai contributed 2.24 billion yuan and Shenhua contributed 654.38+09 billion yuan, and the sum of the two exceeded 654.38+0/3. It is worth noting that the bursting of the property market bubble has made the local land sales revenue lackluster: in the first half of the year, the paid use fee for new construction land in Dongsheng District was only 654.38+0.05 billion yuan. Compared with the highest 20-30 billion yuan in previous years, the land sales income of 654.38+0 billion yuan is almost negligible.

"There are too many houses built in Ordos. It takes 65,438+00 years to completely digest them. Think about it, which real estate developer dares to buy land? " A troubled builder told reporters that for Ordos, the local economy can only recover if coal prices are expected to pick up.

Dongsheng district officials have repeatedly mentioned that a number of projects originally included in the construction plan have been postponed indefinitely. One is the Golden Shield Building, which is used to solve the office difficulties of the 2000-3000-person public security team, and the other is the Education Building. In Ejinhoro Banner, the EPA building, which was only used for 10 years, was demolished and ready to be rebuilt, but it has not been built yet.

"Now is the most difficult period, but we think the economy will gradually improve." Hun Kwai Ta said.

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