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In China, Worries Over Municipal Debts

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CHINA, THEY'RE JUST LIKE US
"The Chinese government has begun a series of investigations of how much debt was incurred by local governments last year as part of economic stimulus programs undertaken in response to the global financial downturn," according to the New York Times. "The announcement of the investigations Thursday came a few days after the top Chinese auditor warned that mounting local government debt could undermine the recovery in some parts of the country. Liu Jiayi, head of the National Audit Office, said in a report to the Chinese Congress in the past week that borrowing by local governments had created public debt burdens totaling hundreds of billions of renminbi. The report questions whether those governments had the resources to pay down the loans."
SOURCE:   New York Times

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