21 January 2019

Audits ‘give clearer picture’ of local govt debt, paper says

China has increased the transparency of its massive local government debt by allowing local governments to release independent reports on their liabilities, China Daily reported Saturday, citing an analyst. As of late Thursday, several provincial-level governments had released audit reports, including Guangdong, Guangxi, Ningxia, Beijing, Jilin and Zhejiang, the report said. Li Yan, a senior analyst at China Chengxin International Credit Rating Co. Ltd., was quoted as saying that the provincial data released so far indicate that local government debt risks are still “generally under control”. Li said the data will offer “much more clarity” to investors wanting to put money into those regions

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