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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:

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