【新視点ニュース】3年間のゼロコロナ政策の影響により、地方財政は逼迫し、地方債と資金調達基盤の債務リスクも高まっている。中央政府は地方の赤字（約4兆人民元）を補うため、特別国債を発行すると示唆。

Welcome to Shinshiten News. Due to the impact of the novel coronavirus infection over the past three years, the pressure on the Chinese local government, especially on the foundation of the financial system, has intensified, and the debt risk of local governments and private institutions continues to rise. In an economic forum attended by 50 people from the China Economic Council, the chairman of the Seiga University Economic Management Academy, a member of the Academic Committee, suggested that the local deficit, which has been brought about directly by the zero-corona policy over the past three years, should rise to about 4 trillion yuan, or about 80 trillion yen, and that the central government should issue a special national debt to compensate for the shortfall, and that the local government should prioritize corporate debt reduction. Previously, some experts said that the economic loss caused by the impact of the novel coronavirus infection should reach 18 trillion yuan, or about 360 trillion yen. Mr. Hakujuu expressed his opinion on the financial policy of the reform period in the proposal forum held on September 21st. Mr. Hakujuu said, from the point of view of the local government, which still has the effect of the novel coronavirus infection, there is a gap in the end result. As the local financial crisis worsens, the government's unpaid contributions to the companies are increasing, and this is affecting the ability of the companies to invest. The act of some local governments to increase the amount of money indiscriminately not only affects the ability of the companies to invest, but also affects the trust of the companies. From the point of view of the companies and residents, the shortfall of the novel coronavirus infection has appeared as a reduction in the balance sheet of some companies and residents, and has led to a reduction in the desire to invest and consume. Now, in the competition between local organizations for the solution of the local financial risk, the central government's local financial relief has caused moral hazard, and whether the central government's relief can be expected is one of the focus. Mr. Hakujuu said, The novel coronavirus infection itself is an uncontrollable factor, and the reduction in revenue and the increase in expenses are automatic. It is necessary to distinguish which of the red spots in the region and the increase in debt are due to the novel coronavirus infection, and which are due to the expansion of the local government's profits. Mr. Hakujuu thought that there is a certain consistency in the fundamental of local finance, and estimated the trend of the fundamental of local finance and compared it with the actual figures, and proposed that the expenses should be deducted from the revenue other than the predicted value. According to the calculation results, the red spots in the region, which were directly caused by the novel coronavirus infection from 2020 to 2022, are 2.76 billion people in 2020, 9.89 billion people in 2021, and 1.9 billion people in 2022, and a total of 4.25 billion people in three years, which is about 85 trillion yen. In this regard, Mr. Hakujuu first used the resources of the central government and proposed to fill the holes in the region directly caused by the novel coronavirus infection. At the same time, Mr. Hakujuu said that it would be a great help to the economy in order to prioritize the allocation of capital to companies to the local government. In addition to the red spots in the region caused by the novel coronavirus infection, there is a possibility that a considerable part of the capital will be affected by moral hazards, so it is recommended to reduce the pressure on capital allocation during the payment period. Mr. Hakujuu said that in the long run, it is necessary for the central government to host customers and for the local government to burden the expenses in order to reduce the financial difficulties and capital risks in the region. The Chinese Communist Party and the central government have adopted a zero-corona policy for three years as a countermeasure against epidemics. This was mainly dependent on urban closure, large-scale PCR tests, and isolation. This policy led to business closures in service industries, industrial, manufacturing, and operations. As a result, the Chinese economy was hit hard and serious financial burdens were placed on the local government. By the time 2021 had passed, many financial difficulties in the local government had been exposed. The Ministry of National Defense and Trade announced the implementation of the Reconstruction of Financial Systems, and the Ministry of Home Affairs and the Ministry of State Security and the Ministry of Public Security have taken measures to reduce the burden of financial difficulties, and even in the more economically developed ministries such as the Ministry of Public Works and Public Housing, the payment of salary cuts and subsidies for public servants has been delayed. The South China Morning Post in Hong Kong said at an online seminar in May 2022 that the impact of the new coronavirus on economic activity was mainly due to trade measures. This year, 1.6 million people were affected, resulting in an economic loss of 18 trillion yuan, or about 360 trillion yen. The local economy in China is deteriorating day by day. Many experts believe that the central government can achieve a balance of payments only by raising taxes through the issuance of loans, the issuance of special international loans, and the investment of city-to-city companies. The former Minister of Finance of the Chinese Communist Party said that the central government should not use a payment swap to solve the regional debt risk, but should not use a payment swap to solve the regional debt risk. On July 8, when the former Minister of Finance attended the World Financial Forum, he emphasized that the central government should not use a payment swap to solve the regional debt risk, but that the central government should not use a payment swap to solve the regional debt risk. On top of that, the former Minister of Finance said that the budget should be expanded from 1.5 trillion yuan, or about 30 trillion yen, to 2.4 trillion yuan, or about 40 trillion yen. This will mainly be allocated to low-level subsidies for small and medium-sized companies. He suggested that the real estate purchase policy and the policy to limit the use of capital should be completely abandoned. The central government released a three-year zero-corona policy at the end of 2022 on the basis of the multibillion debt of the local government. Since then, it has been noted whether the Chinese economy will recover, but the situation in the past few months has shown that the economic recovery has not progressed at all. At the end of 2020, the former Minister of Finance published the financial data on March 24, 2023 in a magazine called Hikaku. According to the data, the debt of the Chinese government was 46.55 trillion yuan, or about 930 trillion yen, and the debt ratio was 45.8%. Of these, the central government's debt ratio is 20.89 billion yuan, or about 418 trillion yen, and the local government's debt ratio is 25.66 billion yuan, or about 513 trillion yen. There is no official statistics on the hidden debt of the local government, but the estimated value from the market is 30 to 50 trillion yuan, or about 600 to 1,000 trillion yen. In addition, the former Minister of Finance has stated the following. In the past three years, the economic growth has been lower than expected due to various factors, and as a result of the introduction of large-scale tax cuts and the introduction of stimulus measures such as low interest rates, the number of taxes has decreased. After the economy has returned to a stable growth, it is necessary to take measures to secure stable taxes and appropriate resources, such as the creation of fixed assets as a local tax. However, on September 6, the National People's Congress General Assembly held a legislative work conference to clarify the future legislative plan, but did not discuss the real estate tax law, which attracted the attention of the market. Many net users have pointed out how weak the real estate market is. They have posted that if real estate taxes are increased, the real estate market will collapse. The real estate sector is particularly weak in China's economic recovery. As a result, the local government's revenue, which depends on land sales revenue, will be even more depressed. In August, the latest week was August. In order to support the local government's tax cuts, the 12 provinces, which have a high pressure on tax evasion, such as Tenshin, Kishu, Unnan, Sensei, and Jukei, the local government approved the issuance of a special permit worth about 30 trillion yen for 1.5 trillion people. This measure is seen as a new loan allowed by the local government to compensate for old debts. Well, that's it for today. If you like our program, please subscribe, like, and share. Thank you for watching. See you again.