Better handling of local debts needed
Source: Xinhua |
June 28, 2013, Friday
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Print Edition
Print Edition
CHINA'S top auditor yesterday warned that local governments must improve their debt management in order to handle a sharp increase in local debts.
Liu Jiayi, auditor general of the National Audit Office, gave the warning at an ongoing session of the Standing Committee of the National People's Congress, China's top legislature.
Debts owed by 18 provincial-level governments and municipalities have risen sharply, hitting 3.85 trillion yuan (US$626 billion) by the end of last year, according to the auditor's report submitted to the committee.
The debts have risen by 13 percent over the past two years, Liu said, adding that about 46 percent of the accumulated debt were owed after 2011.
Four provinces and eight provincial capitals have seen their debt rise at rates of more than 20 percent, with the biggest pace coming in at 65 percent, he said.
Some governments have relied too much on land revenue and new borrowing to repay old debts, he said.
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