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CHINA PRESS: The risk that China's local government debt may trigger a financial
crisis is low given the total outstanding amount is within the standard set by
the IMF, Chen Long, a researcher affiliated with the Ministry of Finance, said
in a People's Daily commentary on Tuesday . Most of China's local government
debt went to financing infrastructure projects, which boost growth and improve
productivity, Chen said. Still, China needs to speed up the reform of local
government's fiscal and funding structure to improve their balance sheet, Chen
said. (People's Daily)