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MNI POLICY: China to Close Illegal Local Gov't Loan Channels 

By Archie Zhang
     BEIJING (MNI) - China's Ministry of Finance will strive to close so-called
backdoors used by local governments to illegally borrow money and take
comprehensive measures to deal with existing hidden local debts, Vice Minister
Xu Hongcai said on Monday.
     China forbids local governments from illegal borrowing or guaranteeing
debts, Xu said at a seminar held by the National Debt Association of China,
according to a transcript carried by the Financial News, a PBOC publication.
     China had CNY21.38 trillion in local government debt outstanding by the end
of October, less than the CNY24 trillion cap approved in March by the National
People's Congress, according to Xu.
     The central government should also improve risk-control mechanisms for
Local Government Special Purpose Bonds and make sure project returns are enough
to service the bonds, he said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: archie.zhang@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MGQ$$$]
China Market NewsPolicy NewsFiscalGovernment sectorAPACChinaJapanAustraliaNew ZealandRegion
China Market NewsPolicy NewsFiscalGovernment sectorAPACChinaJapanAustraliaNew ZealandRegion
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