Chinese local governments owe Rmb10,700bn ($1,650bn) in debt, according to the first national audit of regional finances published by Beijing.
That amount is equivalent to around 27 per cent of China’s economy and easily outstrips central government’s officially declared debt balance of less than 20 per cent of GDP.
The new audit provides the most authoritative estimate to date of provincial and city governments’ explicit debts and suggests the problem, although large, is manageable.
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