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CHINA PRESS: Local governments are looking extensively into the current debt
situation, working on solutions to tackle local debt risks, and must report
their findings to the Ministry of Finance by the end of this month, reported
Economic Information Daily, citing an anonymous insider.
- The inspection will focus on the total amount, category, structure and
region of local debts, as well as the use of implicit debts, which refers to
what the local government borrows out of the debt limit, the Daily said;
- Local governments have been ordered to resolve debt stocks and strictly
control debt increments; and are forbidden from borrowing illegally using
financing guarantee or disguising implicit debts in the form of public-private
partnership or government procurement, the newspaper said.