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Local government debt piles up
Local government debt piles up
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China's National Audit Office has released a report on the debt of 36 local governments and their financing vehicles, highlighting increases in less transparent forms of borrowing and questions about local government debt repayment capabilities. Analysts say one possible crunch time for China could be around 2015 and 2016 when a lot of local government debt, where China's overall debt has become centered, has to be repaid or rescheduled.
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  • (Xinhua)2017-10-21 10:58

    Visitors look at a model of a housing project at a real property exhibition in Beijing. [Photo provided to China Daily]BEIJING - Loans to China's real estate sector continued to grow at a slower pace in September as government purchase restrictions remain in place in major cities, data from the cent...

  • By Chen Jia(China Daily)2017-10-20 07:36

    Central bank says liabilities are small for one of world's major economies China's debt ratio is controllable and a fast deterioration is unlikely, as measures have been taken to prevent potential risks, despite a relatively high level of corporate debt, the central bank governor said at the 19th Na...

  • By Hou Liqiang And Daqiong In Lhunze, Tibet(China Daily)2017-09-12 07:58

    An old Chinese saying goes, "When you drink from the well, don't forget the people who dug it." It is a philosophy fully embraced by Badro, a rags-to-riches businessman and philanthropist. Born to a poor family in the Tibet autonomous region's Lhunze county, by age 18, Badro was a high school dropou...

  • (Xinhua)2017-08-30 09:37

    BEIJING - China will contain the growth of hidden debt with active, prudent steps to defuse local debt risk, Finance Minister Xiao Jie said Tuesday. Xiao was briefing lawmakers on a State Council report about the government's budget enforcement this year at a five-day bimonthly session of the Nation...

  • By Jia Kang(China Daily)2017-08-30 08:48

    The International Monetary Fund recently said China's average GDP growth in the next two years is expected to be 6.4 percent- higher than the earlier forecast of 6 percent. But a higher GDP growth is expected because of "the government's reluctance to rein in 'dangerous' levels of debt", the IMF sai...

  • By Zhao Xinying In Beijing And Sun Ruisheng In Taiyuan(China Daily)2017-08-24 07:32

    Local governments have been told to streamline college tuition loans for students from poor families, after a man was suspected to have killed himself over a document related to his son's loan application. Yue Chengyi, a resident of Youyu county in Shanxi province, was reported to have stabbed himse...

  • By Zheng Chunrong(China Daily)2017-08-02 07:51

    China has introduced a series of administrative measures and established a full-coverage and all-round risk prevention and control system in recent years to ensure that local government debt management is increasingly standardized. With the implementation of the new Budget Law in 2015 and relevant ...

  • (Xinhua)2017-07-29 10:34

    BEIJING - China pledged more proactive fiscal policy during the rest of 2017, while vowing to prevent and defuse local government debt risk as well as clamp down on illegal debt issuance, a finance official said Friday. China will maintain the continuity and stability of its policies, focusing on ...

  • By Wang Yanfei(China Daily)2017-07-29 06:42

    Leverage remains under control, but possible risks 'scrutinized' China will strengthen efforts in regulating local government debts, giving more prominence to controls over hidden debt risks, the vice-minister of finance said on Friday. "While the overall government debt remains well below the lev...

  • By Chen Meiling(China Daily)2017-07-27 06:57

    Major Chinese lenders back clean energy programs to curb pollution Banks in China are playing their part to curb pollution and global warming by investing 7.51 trillion yuan ($1.11 trillion) in nationwide green projects. Carbon dioxide emissions are expected to be reduced by 427 million metric tons ...

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