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China To Curb Local Govt Off-Balance Sheet Debt - Finance Minister

CHINA PRESS
MNI (Singapore)

China will curb the increase in off-balance sheet debts by local governments, resolve outstanding debts and gradually realise the consolidated supervision of all local debts with unified rules, Caixin reported citing an article by Finance Minister Liu Kun. Most of the off-balance sheet debts were raised by local government financing vehicles many years ago. Liu committed to strengthen the governance of these financing platforms and change the perception that the government would bail out any debt defaults, which is a rare official statement and sends a clear signal, Caixin said.

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