20 April 2019

Local debt audit results released in November, paper says

The National Audit Office has completed its nationwide audit of local government debts, the third since 2011, and will submit the results to the State Council around Oct. 20 before releasing them next month, the National Business Daily reported Wednesday, citing an unnamed person with knowledge of the matter. According to the results of the last audit published at end-June by the office, the outstanding balance of local debts stood at 3.85 trillion yuan (US$630.98 billion), up 12.94 percent from the end of 2010. Although estimates of the amount vary among researchers, many experts believe the debt level is still manageable and poses no risk to the country’s financial system, the report said.

– Contact HKEJ [email protected]




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