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Print[Ferro-alloys.com] National Audit Office of China started to investigate local government debt in August and the investigation was about to end recently. Some auditor disclosed that local government debt had reached RMB 1.9 trillion (USD 3,060billion), nearly doubling that of 2011. Meanwhile, new financing methods like BT had contributed much to debt increase.
It was analyzed that debt risk would be not out of control and systemic risk was not likely to outbreak, as long as central government strengthened the control of bond issue. On the other hand, to solve the problem of local government debt, local fiscal system must be improved while property rights and the governance responsibility of local governments must be balanced.
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