China’s Government: Local Governments Debt Unknown

The Chinese government said Friday that it doesn't know how much debt local governments are sitting on but warned the total is likely to be greater than the amount estimated in an audit conducted nearly three years ago.

Zhu Guangyao, a Vice-Minister of Finance, made the admission to reporters at a briefing warning that the total amount is larger than the CNY10.7 trillion that was acknowledged as part of an official audit taken at the end of 2010.

exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

If you are subscribed and having an account error please clear cache and then cookies if that does not work email and we will get back to you as quick as humanly possible

Saved Articles

Are you a smart investor? Join tens of thousands of sophisticated investor reading our authoritative free newsletter

* indicates required

Congrats! Are you a smart person?

We have an exclusive targeted for being a sophisticated and loyal reader.

Sign up today and get three months free

Use coupon code vip19 or click on the button below

Limited time offer only ENDS 9/130/2019 or after next 25 subscribers take advantage whichever comes first – please do not share this discount with others