MNI BRIEF: China Local Debt Risks Under Control - Minister

China’s local government debt risks are generally under control, with guaranteed repayment of debts on the book, declining scale of implicit debts and decreasing number of local government financing vehicles, said Finance Minister Lan Foan at a press conference on Wednesday.

The ministry will manage the size of local debts and supervise the issuance, use, management and repayment of bonds raised to fund projects, so to increase fund efficiency, said Lan.

It will also urge local governments to gradually resolve risks by using fiscal funds, reducing expenditures and revitalising existing assets, as well as implement lifelong accountability for debt raising and hold accountable new implicit debts, Lan said.