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CHINA PRESS: China To Curb New Implicit Local Debt

CHINA PRESS

Local governments are now strictly prohibited from borrowing funds for municipal infrastructure projects which have little return, as authorities try to curb off-balance-sheet debt, Shanghai Securities News reported, citing a document by the Ministry of Finance and five other departments. Income from infrastructure projects funded by local government special bonds should be used for interest and principal repayment, the statement said.

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