Chinese local governments’ US$2.4 billion of concealed debts is uncovered by audit office

Hidden debts were racked up by borrowing through financing vehicles and deals forbidden by the finance ministry, report says. China’s latest official audit report has exposed more than 15 billion yuan (US$2.4 billion) of undeclared debt in local governments that worked around the rules to fund infrastructure projects. This “hidden debt” worries economists and regulators … http://bit.ly/2HiXOlP

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