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
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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
