The central government’s determination to get a clear picture of local government debt next year suggests it is not prepared to pick up the tab for the local authorities, the 21st Century Business Herald reported Tuesday, citing an unnamed taxation official. Beijing made nailing down the extent of and responsibility for local debt one of its six major economic tasks for 2014. For the first time, the borrowings will be included in local government budget management system and will therefore require the approval of the correspondingPeople’s Congress, the source was quoted as saying. Some provinces have started to put procedures in place to meet the new requirement, the report said.
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