金融对城镇化的支持韩国模式对中国的参考.docx
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金融对城镇化的支持韩国模式对中国的参考.docx
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金融对城镇化的支持韩国模式对中国的参考
FinancialSupportforUrbanization:
ExperienceinSouthKoreaandEnlightenmenttoChina
ByChenZhiming,I35011
Tutor:
Prof.Yoon-JeCho
Seoul,Korea
June,2015
TableofContents
Introduction:
4
TheFiscalandGovernmentFinancing5
FiscalRevenueandExpenditure6
FiscalFinancing6
GovernmentBondsandOtherSecuritiesIssued7
PrivateSectorfinancing7
CapitalMarketsFinancing9
InfrastructureFund9
InfrastructureBonds9
InfrastructureSecurities10
TheComparisonBetweenChinaandSouthKorea10
ComparisonofGovernmentFunds11
ComparisonofGovernmentBonds11
MainExperiencesandLessons11
TheSuccessfulExperiencesofUrbanizationforFinancialSupport11
ProblemstoBeConcerned12
Summary13
References14
Abstract:
ToensurethatthesourceoffundsandefficientuseofSouthKoreaisthefirstpriorityinthesuccessofUrbanization.ThispaperfirstlyanalyzesthefinancingofgovernmentdepartmentsinSouthKorea,thefinancingofprivatesectorandtheevolutionofcapitalmarket,andtheroleofthedifferentstagesofurbanization.Secondly,itanalyzesthemainwaysofthefinancialsupportbetweenChinaandSouthKorea.BasedonKorea'sexperience,thispaperproposedChinawillsoonenterthefinancialsupportforthetransitionphaseofurbanizationandneedinimprovingthelegislation,diversityofthewayofinvestment,innovativefinancialinstruments,strengtheningthefiscalandfinancialpolicycoordination
Keywords:
Financialsupport;Urbanization;Infrastructure;financialcoordination
Introduction:
Theempiricalresearchshowsthatfinancialdeepeningishelpfultonarrowtheincomegapbetweenurbanandruralareas.Especiallyinthe"TheEastAsiandevelopmentmodel"ofwhichSouthKorea,JapanandTaiwancreatedsustainedeconomicgrowth,thegovernmentactivelyinterveneinthefinancialsystem,theestablishmentofpolicyorientedfinancialandregulatorycapitalallocationdirectionandothermeasurestoplayanimportantroleinurbanizationinthelateof20thCentury.Generally,theurbanizationisdividedintospaceurbanizationandpopulationurbanization.Urbanizationspacemainlyreferstothemunicipalpublicinfrastructureandpublicserviceinfrastructureconstruction,Populationurbanizationmainlyreferstothetransferofruralpopulationandintotheworkandlivesofthecity.
ThecoreproblemofurbanizationinChinaismorereflectedinhowtoprovideadequateinfrastructuretomeettheneeds,thetransferofpopulationlife.Furthermoretoensurethatpeopleareequallyentitledtohavethesocialwelfareoftheurbanization.Financialsupporttourbanization,thatis,throughthehigheffectivefinancialsystemoperation,toprovidefinancialsupportfortheconstructionofvarioustypesofinfrastructure,whilepromotingindustrialstructuretocreatemoreurbanemploymentindirectlycontributetotheurbanization①.
InviewofthescarcityofcapitalisthecurrentoneofthebasicconditionsofChina'surbanizationisfacedwiththefirstbottleneckproblemisthatwherethefundscomefrom?
Accordingtheresearchin2013,thestudyshowsthatbefore2030thereare0.39billionfarmersinChinaneedtobecitizenization,thecostisabout131thousandyuanperpeoplethereforepeopleneedatotaloffundsisabout51trillionyuanin2020.Supposethaturbanizationrateis60%in2020,itestimatestherearemorethan100millionfarmersneedshort-termfunding,thetotalamountneedstoabout15trillionyuan,ifcoupledwithallkindsofinfrastructureprojectsandpublicserviceinvestment,urbanizationofshort-termfundstotaldemandmaybemorethan40trillionyuan.
Thus,howtoraisehugesumsofmoneytosupporttheconstructionoftheinfrastructure,improvethepublicserviceandexplorethemostsuitablepathforfinancing,isthemajorlessonwhichChinaisfacingtosolve.
Intermsoffinancialsupportforurbanization,thedevelopedcountrieswithrichexperience,especiallySouthKoreaandotherEastAsiancountries,andChinahavesimilarbackgroundofurbanization,includingthewayofthinking,culturalcustoms,governmentorientationmodeandunbalancedregionaldevelopment.
From1960to1990,throughgovernmentfundingandpolicyfinancialsupport,thepercentageofurbanpopulationrapidlyroseto73.8%from27.7%inSouthKorea,anincreaseof46percentagepoints,swoopintothematurestageofurbanization,createdthe"MiracleontheHanRiver",InthenewcenturyKoreaactivelyopenupthecapitalmarketforthefinancingofinfrastructure,theurbanizationrateremainsstableabove80%②.
InthedifferentstagesofKoreanurbanization,thefinancialsupportwasshowedindifferentways.Forexample,whentheurbanizationrateis30%-75%itmainlyrelyonfinancialpolicyandgovernmentfinancing.Aftertheurbanizationrateisover75percentage,theprivatesectorfinancingandthecapitalmarketfinancingbecomesmoreimportant.FortheperiodbeforeSouthKorea'surbanizationratereached75%,theanalysiscanbeadirectcomparisonforChinaasareference.Therefore,thefollowingdiscussionwillcentreonthefiscalandgovernmentfinancing,privatesectorfinancing,capitalmarketsfinancing,thecomparisonbetweenChinaandSouthKorea.
TheFiscalandGovernmentFinancing
FiscalsupportandgovernmentfinancingisthemainsourceoffundingKoreanurbanizationintheearlystage(before75%oftheurbanizationrate),therearethreemainsources:
localtaxesrevenue,fiscalfinancingandgovernmentbonds&othersecuritiesissued.
FiscalRevenueandExpenditure
IntheearlystageofKoreanlocalgovernmentrevenue,localtaxesandcentralgovernmenttransferpaymentsaccountedforthelargestproportion.Beforethe1990s,morethan50percentoflocalgovernmentrevenuewastaxrevenueandtheproportionofcentralgovernmenttransferpayments(includingthegeneralallocation,regulatorydisbursedandspecialappropriation)wasalsoabout40%.Afterthe1990s,theincreaseofthelocalgovernmentfirms,theinnovationoffinancinginstrumentsinthebondmarketandthestockmarketmadefiscalrevenuegraduallydiversified.In2012,suchas,centralgovernmentsubsidiesandlocaltaxesintheproportionoftotalrevenuedecreasedto33%and26%.Inrecentyears,thecapacityoflocalgovernmentgeneralrevenueonaslightincrease,butbecauseofthetaxcutsafter2008,thehousingmarketdownturnandthestate-ownedenterprisedebtgrowth,someareasstillfallintocertainfinancialdifficulties.
FiscalFinancing
FinancialfinancingisanimportantpartingovernmentinvestmentandfinancingsystemandplayedanimportantroleinthedevelopmentofurbanizationinSouthKorea.Itismainlydominatedbythefinancialsectorwhichdecidedtoallocatethemoneytocompaniesorprojectsinneedofcapital.Policy-orientedfinancialinstitutionsareusuallyagenciesofFiscalInvestmentandFinancing,bearinglong-termloanswithlowinterestratesandsoon.Atthesametime,fordifferentareasofurbanization,industrialdevelopment,ruralhousing,smallandmediumenterprises,theGovernmenthadsetupaspecialpolicybanks③.
Themainsourceoffundsispaidbyraisingallkindsofloansfromresidents,legalpersonsandothersocialorganizationsandthemainfinancingformwasgovernmentfunds,foreignloans,lifeinsurancefunds,investmentandfinancingspecialaccounting.Before2000,governmentfundsandforeignloansaccountsfor70%-90%forthefinancingform.Intheearlyperiodofurbanization,thelargestroleistheNationalInvestmentFundandtheNationalHousingFund.GovernmentfundsstillplayanimportantroleinsupportingSMEs,improvingsocialwelfareandotheraspectsinlaterperiod.
GovernmentBondsandOtherSecuritiesIssued
Intheearlyperiodofurbanization,GovernmentstronglyintervenedtheKoreanbondmarket.Throughinterestratecontrolsandcreditrationingandothermeasurescentralgovernmentguidebondfinancingtoinvestininfrastructureandheavychemicalindustry.Untilthe1990s,urbanizationenteredarelativelymaturestage,thegovernmentbegintoloosenthebondmarketintervention.Inavarietyofdebtinstruments,thegreatestonetopromoteurbandevelopmentisgovernmentbondswhosemaininvestorisbankinginstitutions.After2005,theSouthKoreangovernmentbegandevelopingcapitalmarkets,governmentsecuritiesfinancingincreasedyearbyyear,especiallysince2009,alongwithdecliningbondfinancing,equityfinancingcontinuestogrow.
Inadditiontobonds,inrecentyears,thelocalgovernment-ownedenterprisesalsoissuedsecuritiesthroughtheExchangeinordertoraisemoneyfromthecentralgovernment,thepublic,orfundsoverseascompanies.Thistypeofsecuritiesissuancemeanstoobtainfundsthroughthecapitalmarket,whichisrelativelylowshareofgovernmentfunding.In2006--2012,theSouthKoreanlocalgovernmentbondissuancehasbeenmorethan160trillionwon,especiallyin2009,amountingto225trillionwonwhichisthelargest,followedbydecreasing.Forfinancingpurposes,suchasbond,themainapplicationisstillinfrastructureconstruction,resourcedevelopmentandenvironmentalgovernance.In2012(includingroadandrail),roadconstructionaccountedfor39%ofgovernmentbonds,accountingfor12%ofthelanddevelopmentandwatersupply&managementaccountedfor9%④.
PrivateSectorfinancing
Atdifferentstages,fordifferentconstructioncontent,government-ledprivatesectorfinancing,participationintheconstructionofurbanpolicyandeffortstograduallyadjust,roughlydividedintothefollowingfourstages:
Thefirstphase(1968-1993),Intermittentfinancingstage.Inthemeantime,thegovernmentismainlybasedon"H
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