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Wen: Government debts 'safe and controllable'
By Louise Ho |
January 30, 2012, Monday
|
Online Edition
Online Edition
CHINESE Premier Wen Jiaobao said China's government debt is "overall safe and controllable," and China must ensure a continual funding for key projects while tackling financial risks.
Today's People's Daily published Wen's speech made in early January at the national financial work conference.
The large amount of local government debts in China has been a source of worry for investors.
Until the end of 2010, China's local government debts reached 10.7 trillion yuan (US$1.69 trillion), according to data from National Audit Office. Local government debts are used on infrastructure and other projects.
Wen assured that the government takes managing local government debts very seriously. "Currently our government debts are in an overall safe and controllable level," he said.
"Through clean-ups and regulations, the trend of expanded funding by local governments have been checked effectively," he said in the speech.
Since 2009, the central government has done research and made recommendations to address the local government debt problem, Wen said.
But Wen stressed that while the government is striving to solve financial risks, it also has to make sure there is enough funding for key infrastructure projects.
Today's People's Daily published Wen's speech made in early January at the national financial work conference.
The large amount of local government debts in China has been a source of worry for investors.
Until the end of 2010, China's local government debts reached 10.7 trillion yuan (US$1.69 trillion), according to data from National Audit Office. Local government debts are used on infrastructure and other projects.
Wen assured that the government takes managing local government debts very seriously. "Currently our government debts are in an overall safe and controllable level," he said.
"Through clean-ups and regulations, the trend of expanded funding by local governments have been checked effectively," he said in the speech.
Since 2009, the central government has done research and made recommendations to address the local government debt problem, Wen said.
But Wen stressed that while the government is striving to solve financial risks, it also has to make sure there is enough funding for key infrastructure projects.
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