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China to crack down on illegal local govt debt-raising activities
June 30, 2017 / 8:47 AM / 5 months ago

China to crack down on illegal local govt debt-raising activities

BEIJING, June 30 (Reuters) - Risks posed by debts of China’s local governments are decreasing due to tight oversight and the central government will crack down on their illegal debt-raising activities, a Finance Ministry official said on Friday.

Some local governments are pushing back debt issuance due to rising interest rates, but slow local government bond issuance will not affect local economic growth, said Wang Kebing, deputy director general of Budget Department of the Ministry of Finance. (Reporting by Kevin Yao; Editing by Richard Borsuk)

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