China to prevent increase in ‘generally controllable’ hidden debt for cash-strapped local governments

//China to prevent increase in ‘generally controllable’ hidden debt for cash-strapped local governments

China to prevent increase in ‘generally controllable’ hidden debt for cash-strapped local governments

China will stop local governments accumulating further debt as it deals with 33.35 trillion yuan (US$5 trillion) of total outstanding government debt, Finance Minister Liu Kun said on Thursday.Liu, speaking during the National People's Congress, confirmed the level of total outstanding government debt for 2018 was within the budgeted limit of 36.69 trillion yuan.Liu said the risk from the current level of local government debt is “very low” and “generally controllable”, noting that China’s…

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By | 2019-03-07T11:17:49+00:00 March 7th, 2019|Headlines|Comments Off on China to prevent increase in ‘generally controllable’ hidden debt for cash-strapped local governments