Date
16 October 2017

Guangzhou govt debt load at ‘safe level’, paper says

The government of Guangzhou had 259.3 billion yuan (US$42.56 billion) in debt as of June but the amount is a safe level as repayment plans are in place, China News Service reported Thursday, citing a senior city official. Deputy mayor Chen Rugui said Thursday that the city government has made repayments on time and indebtedness does not affect normal government operations. He also said the debt load is expected to be cut by 60 percent by 2016 and the authorities might pay off the total earlier than scheduled, the report said.

– Contact HKEJ [email protected]

TL/AC/SK

 

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