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China has reiterated its ban on local...>

CHINA PRESS
CHINA PRESS: China has reiterated its ban on local governments using money
raised by special-purpose bonds to pay old debts, according to a statement from
the State Council Executive Meeting. The statement, from a meeting chaired by
Premier Li Keqiang, stressed that local governments should tighten regulation
over the use of money and prohibit white elephant projects. Local governments
are able to use the bond proceeds for disaster relief, the statement said.
Xinhua News Agency said severe flooding has hit several provinces along the
Yangtze River in South China and water levels in some places in Jiangxi are at
historic levels. 

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