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MNI BRIEF: China To Tackle Local Gov Debt - MOF

MNI (SYDNEY) - China’s debt resolution plan aimed at reducing the burden on local governments will be the largest in recent history, increasing the debt ceiling for a one-time replacement of existing hidden liabilities, Finance Minister Lan Foan told reporters Saturday.

Greater detail will be revealed after “necessary legal procedures,” Lan noted. Authorities did not reveal the plan’s timeline, or size. (See MNI INTERVIEW: Yuan Rally To Depend On Stimulus, Fed- Guan Tao)

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MNI (SYDNEY) - China’s debt resolution plan aimed at reducing the burden on local governments will be the largest in recent history, increasing the debt ceiling for a one-time replacement of existing hidden liabilities, Finance Minister Lan Foan told reporters Saturday.

Greater detail will be revealed after “necessary legal procedures,” Lan noted. Authorities did not reveal the plan’s timeline, or size. (See MNI INTERVIEW: Yuan Rally To Depend On Stimulus, Fed- Guan Tao)

Keep reading...Show less