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 …

Leave a comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.