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MOF: China local debt risks controllable

08-16-2011 08:54 BJT

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China's Ministry of Finance is giving assurance that risks posted by local government debt are controllable. It adds, the country will continue to clean up the financial problems of local government financing vehicles.

The evaluation came after the disclosure of massive local government debts aroused concerns over the sustainability of China's impressive economic growth. Local government debt totaled 10.7 trillion yuan at the end of 2010. That amount equaled about 27 percent of China's GDP in 2010.

Deputy Finance Minister Li Yong says effective measures must be taken to properly handle the existing debt in risky areas, and industries and new debt must be strictly controlled.

Editor:Li Wanran |Source: CNTV.CN

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