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China Needs Reserve Fund For Gov. Debt Repayment

CHINA PRESS
MNI (Singapore)

China should establish a government debt repayment reserve fund to prevent default risks, according to a report published by the National People's Congress Financial and Economic Affairs Committee on Thursday. The balance of local government special bonds has exceeded CNY22 trillion after years of expansion in infrastructure projects, while the repayment risks increased with declining revenues from land sales in recent years. China should raise the warning line of the local government debt ratio to 150%, as the current ratio has exceeded 120% in many regions, said Zhao Quanhou, a researcher at the Chinese Academy of Fiscal Sciences. (Souce: 21st Century Business Herald)

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