China's local governments can swap some of their high-interest debt for cheaper municipal bonds, Finance Minister Lou Jiwei said in a ministry statement released on Thursday, a move that may help defuse risks around the country's $3 trillion local debt pile.
No further details were given. This is the first time that a senior Chinese official has said publicly that local governments can swap their debts to temper repayment costs.
Local government debt growth slows in H1
2014-08-26Growth in Chinese local government debt slows
2014-06-25Debt crisis looms for local governments
2014-06-18Local govts face massive debt repayment pressure
2014-06-17Fiscal reforms to ease local govt debt pressure
2014-06-11Copyright ©1999-2018
Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.