CCTV.com - CNTV English - CCTV News

Total gov't debt reaching 27.7 trln yuan in 2013, 53% of GDP

12-24-2013 16:27 BJT

The latest report from a Chinese government think tank showed that China’s local government debt has doubled from 2010 to the end of 2012.

The country’s asset liability ratio is rising and facing higher risks. According to the balance sheet report released by the Chinese Academy of Social Sciences,the total debt of China’s central and local governments reached a combined 27.7 trillion yuan at the end of last year, accounting for 53 percent of the country’s gross domestic product. It said local government debt rose to nearly 20 trillion yuan by the end of 2012, nearly doubling in two years.

Analysts say current debt risks mainly lie in the real estate credit, excessive expansion of local government debt, as well as banks’ non-performing loans. In the longer term, Chinese firms, especially state owned companies are more vulnerable in facing economic downturns.

Editor:James |Source: CCTV.com

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program