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China Local Gov’ts Must Tackle Debt Risks: Journal

CHINA PRESS

China's local governments must strengthen the monitoring and management of debts, the China Securities Journal reported citing industry sources. Some authorities have reported irregularities including billions of yuan funds remaining unused, difficulties meeting obligations, a lack of checks and balances, and illegal guarantees and false approvals, the newspaper said. The scale of local government debts is still increasing under pressure to support social services and maintain growth, according to the journal.

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