13 December 2018

Inept local govt finance firms in PBoC firing line, Xinhua says

The People’s Bank of China (PBoC) said Thursday that it will work with other authorities to investigate and close down incompetent financing companies run by local governments, Xinhua news agency reported. Companies with bad credit, confusing services or unsustainable debt will be closed to prevent financial risks, central bank officials were quoted as saying at a conference on financial market and credit policies.

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