Date
16 October 2017

China local debts could add up to 20 trln yuan, report says

China’s local government debts are estimated at 16 trillion yuan (US$2.63 trillion), but the number could go up to 20 trillion yuan if the debts incurred by local administrations in the name of private companies are included, Caijing reported on its website Tuesday, citing Zhu Haibin, chief China economist at JPMorgan Chase China. Zhu said local debts mainly come from sources such as banks, whose exposure was estimated at 9.3 to 9.7 trillion yuan by the China Banking Regulatory Commission (CBRC), as well as trusts and the National Development and Reform Commission, the report said.

– Contact HKEJ at [email protected]

EL/AC/RC

 

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