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Debt audit reveals irregularities

01-05-2012 14:18 BJT

Irregularities involving a total of 531 billion yuan (US$84 billion) have been uncovered in China's local government debt, pointing to the need for further regulation of fundraising, China's top auditor said yesterday.

Breaches of local government debt involved illegal guarantees for local debts, embezzlement and the operation of fake investment companies, the National Audit Office said in its report.

Last June, it was disclosed that local governments ran up 10.7 trillion yuan in debt - equal to about a quarter of China's annual economic output - over the past decade.

China's central bank has tried to allay concern about the debt load, saying its risks were manageable.


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