An initiative by Fujian province to follow Sichuan and earmark nearly four trillion yuan (US$657.6 billion) for a stimulus package has drawn sharp rebuke from Chinese state media, The Standard reported Monday. An article carried by Xinhua news agency over the weekend expressed fears that other provinces may also follow suit, pushing local debt levels even higher, the paper said. Fujian is said to have allocated 3.95 trillion yuan for projects started in the first nine months this year. That comes after Sichuan announced it will invest 4.26 trillion yuan on infrastructure in 2013-2014. The moves sparked fresh concerns about mounting local government debts.
– Contact HKEJ [email protected]