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China says local debt under control

03-15-2011 09:31 BJT

Bad loans made to financing vehicles run by the country's local governments are under control. That's according to Liu Mingkang, head of the China Banking Regulatory Commission.

He also said officials will continue to pay close attention to any risks. A total of about 10 trillion yuan has been loaned to Chinese local government financing vehicles much of it during stimulus spending launched after the global financial crisis.

The Commission has estimated that as much as a quarter of that debt might go bad.

Editor:Xiong Qu |Source: CNTV.CN

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