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Local governments are still in charge...>

CHINA PRESS
CHINA PRESS: Local governments are still in charge of approving loan contracts
for shantytown innovation projects, Xinhua News Agency reported, citing a
manager of China Development Bank (CDB). 
  - The CDB has not tightened approvals for shantytown renovation projects, but
will review the contracts after local governments' approvals to prevent
excessive borrowing and potential risks, Xinhua said, citing the manager. 
  - Local governments have issued a total of CNY460.9 billion in loans as of the
end of June this year, the manager noted, according to Xinhua.

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