Some 700,000 local government financing vehicles are used by provincial and lower level governments to evade restrictions on borrowing. Photo: AFP

China upgrading local government financial monitoring system to rein in ‘hidden debt’

  • China is strengthening a national monitoring system that keeps tabs on some 700,000 local government financing vehicles
  • Beijing has launched a number of programmes to rein in excess local debt and risky bank lending in recent years
Topic |   China economy

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Some 700,000 local government financing vehicles are used by provincial and lower level governments to evade restrictions on borrowing. Photo: AFP
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Chinese President Xi Jinping has called for more research and investment into blockchain technology. Shutterstock

Chinese President Xi Jinping calls for more research, investment into blockchain technology

  • ‘Greater effort should be made to strengthen basic research and boost innovation capacity,’ leader tells Communist Party’s elite
  • Technology can be used to ‘empower industries, increase efficiency and lower costs’, industry expert says
Topic |   Blockchain

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Chinese President Xi Jinping has called for more research and investment into blockchain technology. Shutterstock
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