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China auditor reports on local government debt

01-05-2012 11:24 BJT

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In China, the National Audit Office has released a report, addressing irregularities found in local government debt records.

The report covers the 2010 budget year, and identifies 530 billion yuan, or about 84 billion U.S. dollars’ worth of irregularities in local government debt. The local governments involved have been ordered to correct these irregularities.

By the end of October 2011, 22 billion yuan of the 46.5 billion yuan worth of "irregular credit guarantees" had been corrected. 23 billion yuan of the 73.2 billion linked to irregular collateral had been resolved. And 98 billion yuan of the 244 billion of unpaid capital had also been corrected.

The Audit Office says, the central government is considering how best to improve local government debt management, and address fiscal and financial risks.

 

Editor:Zhang Rui |Source: CNTV.CN

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