Local governments need to balance.......>

CHINA PRESS: Local governments need to balance local GDP growth with risk

controls of their debt, said Liu Shijin, former deputy director of the

Development Research Center of the State Council, according to a speech

published by the 21st Century Business Herald on Friday. 

 - As China transitions from high-speed growth to medium-speed and high-quality

growth, financial risks must be tackled to forestall a financial crisis, like

most economies which have undergone rapid development.  

- Local governments cannot continue their high-speech infrastructure investment

as it is unsustainable.  

 - As land prices are expected to dip, local governments and companies may find

it hard to deal with potential risks; unlike before, they can no longer rely on

selling land to tackle losses.