China’s Top Auditor Warns On Rising Local Debt And Mismanagement

China’s top auditor warned about risks threatening the country’s economic development and called for better management of finances.  The auditor general at the National Audit Office (NAO) and China’s top auditor, Liu Jiayi, warned China’s politicians on Thursday that local governments must manage their debts and investments or risk derailing economic development.   New Borrowing To Repay Old Debts The auditor general observed debts owned by 18 provincial-level governments and municipalities have risen sharply touching 3.85 trillion yuan ($626 billion) by the end of last year. Debts have galloped by 13 percent over the past two years. Liu Jiayi  highlighted…