The Guangdong provincial government plans to borrow 38 billion yuan (about HK$35.48 billion) from Beijing to repay the debts of co-operative banks and foreign debts of 14 insolvent international trust investment corporations (Itics), according to an official. Executive vice-governor Wang Qishan said the credit from the central government would be sufficient to resolve the debts. All 14 Itics are to be closed down after their debts are resolved, he said. Collapsed Guangdong Enterprise (Holdings) (GDE) was excluded from this repayment scheme. However, GDE would indirectly benefit from the debt-repayment plan, Mr Wang said. 'It would help to prevent the risk to Guangdong's financial system . . . and thus boost investment sentiment in the province,' he said. The provincial government would repay the money to Beijing in eight to nine years.