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China has made significant progress.....>

CHINA PRESS: China has made significant progress so far this year in limiting
local government debt, the Securities Times reported Thursday. Issuance of local
government bonds fell 24.3% in September compared with August, to CNY356
billion. In the first three quarters of the year, issuance was fell to CNY3.53
trillion, down 30.5% compared to the same period last year, the newspaper said.
The success was because of tighter regulation by the Ministry of Finance, the
newspaper argued. Also helping was a big decrease in outstanding debt because of
debt swaps, and the increased cost of bond issuance. (Securities Times)

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