10月23日以来，偏居西南一隅的云南嵩明县被推到了“非法集资“的风口浪尖。

Since October 23,,Partial in the southwest corner of the yunnan SongMingXian be pushed"Illegal financing"Outlet wave.

　　将其拉下水的是嵩明县近几个月来推行的一种“融资”新方式，该县政府委托当地一家信托机构发行融资产品，该产品收益权归县工会所有，工会则组织公职人员自愿认购，每次投资期为期三年，利率为10%。

Will the LaXiaShui is SongMingXian in recent months to implement a"financing"New ways,The county government entrust a local trust institution issue financing products,The product usufruct be county union all,Trade unions are organization officer voluntary subscription,Every time investment for a period of three years,Interest rate is 10%.

　　云南嵩明县的官员坚称县政府“集资”实为被逼无奈，甚至在银监会报备过。但是法学界认为嵩明县游走在法律边沿，他们以并不能作为担保人的政府出面担保，通过信托方式向干部、职工的融资行为涉嫌“非法集资”。

Yunnan SongMingXian officials insisted that the county government"funding"Actually be compelled helpless,Even in the banking regulatory commission for a newspaper.But law think SongMingXian wander in legal edge,They can not be used as the guarantor of the government guarantee,Through the way of trust to the cadre/The worker in financing behavior"Illegal financing".

　　县政府集资 County government funding

　　云南省嵩明县各个乡镇和县直各单位的干部、职工接到单位领导任务，每人要完成最低2.5万元的“融资”任务。网友“小咪渣1989”爆料称，??“融资任务”上不封顶，资金用于支持县里产业聚集区建设。

Yunnan province SongMingXian each towns and XianZhi each unit cadres/The worker received the unit leadership tasks,Each person to complete the lowest 25000 yuan"financing"task.Net friend"Small microphones slag 1989"A source says,??"Financing task"Not capped,Funds used to support the construction of county industrial accumulation area.

　　嵩明县金融办副主任王永祥接受本刊记者采访时称，该县杨林工业园区近年来前期开发基础设施建设缺少资金，银行贷款融资非常困难，“我们是被逼得没办法了，才想办法自筹。”

SongMingXian financial to do vice director WangYongXiang accept this reporter interview said,The county Yang ling industrial park in recent years the development of infrastructure construction lack of funds,Bank loan financing is very difficult,"We are forcing no way out,Just think of a way to self-finance."

　　“为发展杨林工业园区，拓宽融资渠道，向财政全额供养的公职人员开展融资行动。但并非向员工强行摊派，而是采取自愿购买的原则，只是个别单位将此次融资当成行政命令。”王永祥解释说。

"For the development of Yang ling industrial park,Broaden the financing channels,Full support to finance the public persons to carry out financing action.But not to the employees forced assessed,But to take the principle of voluntary buying,Just a few units will be the financing as executive orders."WangYongXiang explained.

　　据王永祥透露，该产品的融资数额为两亿元，截至10月12日，一期融资计划已经结束，共1600名职工参与，融资额约为一亿元。二期融资计划现在已经启动，主要针对教职员工。

According to WangYongXiang revealed,The product's financing amount is two hundred million yuan,As of October 12,,A stage financing plan has ended,A total of 1600 employees participate in,Or junk-rated about one hundred million yuan.The second phase of the financing plan has now start,Aimed at staff.

　　嵩明县官方与投资者签订的《代持协议》约定，该产品信托期为三年，年收益率不低于10%。这确实吸引了不少员工，因为其远高于银行存款每年约3%左右的利息。

SongMingXian official signed and investors[Generation of the agreement]agreed,The product trust period is three years,Annual return of not less than 10%.It attracted many employees,Because of its higher than bank deposit about 3% a year or so of interest.

　　穷则思变，嵩明县官方网站载明，2011年嵩明县大胆探索民间融资、委托借款、票据贴现等多种融资方式，共完成融资19.5亿元，其中向企业借款、民间融资8.4亿元。

Adversity leads to prosperity,SongMingXian stated the official web site,In 2011 SongMingXian bold exploration folk financing/Entrust loan/Note discount and so on the many kinds of financing ways,A total of 1.95 billion yuan finish financing,The loan to the enterprise/Folk financing is 840 million yuan.

　　财政埋单 Financial buried single

　　“它是由信托公司设立的，其将受益权转让给工会，再由工会组织投资者。投资对象只能是财政供养的工会会员，我们以工会组织来帮他们理财投资。”王永祥说，嵩明县推出的融资产品经过合法程序报批，并且在银监部门报备。

"It is a trust company established,The beneficiary will transfer to the union,Again by trade union organization investors.Investment object can only be financial support of union members,Our trade union organizations to help them with their financial investment."WangYongXiang said,SongMingXian launched financing products through legal and procedures,And in the silver prison department submit.

　　嵩明县金融办工作人员告诉本刊记者，嵩明县建立了完善的还款机制——利用工业园区的土地收益和财政收入进行还本付息，工业园区的财政收入如果不足，则由县一级财政承担。王永祥表示，嵩明县政府已经向县人大报批，待县人大表决通过后，园区财政不足部分将列入财政预算予以弥补。

SongMingXian financial do staff told this reporter,SongMingXian built up the perfect reimbursement mechanism - using industrial park land revenue and fiscal revenue for repayment of capital and interest,Industrial park financial income if shortage,The county level financial commitment.WangYongXiang said,SongMingXian government has to XianRenDa approval,To XianRenDa vote after through,Park financial shortfalls will be included in the budget to cover.

　　北京市隆安律师事务所律师尹富强对此表示异议，嵩明县的作法是变相发行地方政府债券的行为。《预算法》第二十八条也明确规定：地方各级预算按照量入为出、收支平衡的原则编制，不列赤字。除法律和国务院另有规定外，地方政府不得发行地方政府债券。

From Beijing lawyer YinFuJiang expressed objection,SongMingXian approach is disguised issue local government bonds behavior.[Budget act]Article 28 also clearly stipulates:Various budget according to make ends meet/The principle that income and expenses balances establishment,Don't contain deficit.Except otherwise stipulated by the law and the state council,Local government may not issue local government bonds.

　　北京盈科律师事务所律师杨名跨认为，嵩明县发售理财产品的行为实际上就是民间市场行为，根本不能成为国家担保的一种条件，因为政府财政的担保、政府预算资金的使用，都是由预算法的规定来调整的，不是随意可以拿来为民间投融资行为担保的。根据《担保法》规定，“国家机关不得为保证人”。

PCCW Beijing lawyer Yang name that span,SongMingXian selling financial product behavior is actually folk market behavior,Can't become a national guarantee a condition,Because the government financial guarantee/The government budget in the use of funds,Are made by the provisions of the budget act to adjust,Do not randomly can be used for folk financing behavior of guarantee.According to[Security law]provisions,"State organs may not act as a surety".

　　但嵩明县金融办不这样认为，王永祥解释说，“开发区的基础设施建设本就应由政府埋单，只不过政府眼下缺钱，我们先向员工借钱，打个时间差，等我们开发区的土地平整完转让变现后，还钱是没有问题的，还能带动经济发展。”

But SongMingXian financial do not think so,WangYongXiang explained,"The infrastructure construction of development zone should be the bill by the government,But the government now lack of money,We first to borrow money from employees,A lag between the,When we development zone land leveling the transfer after the realizable,Also money is no problem,Still can promote economic development."

　　北京大学政府管理学院研究员李洪斌分析指出，国家政策层面收紧了地方融资平台的投融资行为，这种“一刀切”的治理方式只能逼嵩明县开发区自己想办法筹钱了事，他们自己想出的办法又可能游走在法律边缘。

Beijing university school of government LiHongBin researcher pointed out,National policy tightening level local financing platform of the investment and financing behavior,this"One size fits all"Management mode can only make SongMingXian development zone himself trying to raise money to settle a dispute,Their own contrivance could wander in legal edge.