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China Needs To Monitor Local Government Special Debt-CBN

CHINA PRESS
MNI (Singapore)

China regulators should monitor the use of funds raised through local government special bonds which have been issued at an unprecedented rapid pace this year to boost the economy, China Business Network reported. Some funds have not been used timely and effectively due to lack of projects or have been invested in unqualified projects, increasing local governments debt burdens and risks, it reported. Since 2015, outstanding local government special bonds totalled CNY18.9 trillion. It is expected China would front load part of the quota for 2023 local government special debts later this year to boost the economy, experts said.

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