The mainland is requiring more and more debt to produce less and less growth. This raises the issue not just of where exactly all the money is going, but what happens once we all find out.Tuesday, 4 June, 2013, 3:57am
Last month Zhang Ke, the boss of accounting firm ShineWing, gave voice to fears shared by an increasing number of people. China's local government debts were "out of control", he told the Financial Times newspaper, and warned of a looming crisis.6 May 2013 - 3:34am 2 comments
Mainland local governments may have more than 20 trillion yuan (HK$25 trillion) of debt, former finance minister Xiang Huaicheng said.
That is almost double the figure given in a 2011 report by the National Audit Office.
The combined debt of the central government and the provinces and cities might now be more than 30 trillion yuan, Xiang said at the Boao Forum.9 Apr 2013 - 4:24am