Local government debt levels in China have soared to almost $3tn in less than three years, according to an official audit highlighting one of Beijing’s most daunting challenges as it attempts to sustain economic growth while avoiding a financial crisis.
In a long-awaited report, China’s National Audit Office said local government debts had increased almost 70 per cent to reach Rmb17.9tn ($2.95tn) by the end of June.
The NAO, whose last survey put the burden at Rmb10.7tn at the end of 2010, added that while government debt levels were generally “under control”, there were “potential risks in some places”.
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