Date
17 August 2017

NDRC pledges to rein in local govt debt, Reuters says

China’s National Development and Reform Commission (NDRC) pledged on Tuesday to curb local government debt, Reuters reported, after the National Audit Office revealed that local governments had run up total debt of 17.9 trillion yuan (US$2.95 trillion) by the end of June. The top economic planning agency was quoted as saying that it will curb the “disorderly expansion” of local debt, aiming to reduce the economic risks. The NDRC said that, overall, debt levels were under control, but it would take measures to keep debt down, including allowing local government financial companies to issue bonds to replace some existing short-term debt that has high interest rates, and encouraging private capital into infrastructure projects.

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