China's local government debt rises to 17.9 trillion yuan

According to a report by China's National Audit Office, the total debt of local governments has ballooned to about 17.9 trillion yuan, or nearly $3 trillion. The figure rose 12.7% in the six months between December 2012 and June 2013. Analysts have warned that much of the local government debt was used to fund projects that may never produce returns sufficient to cover the repayment of the principal and interest on the loans.

View Full Article in:

CNBC · New York Times (tiered subscription model), The · South China Morning Post (Hong Kong) (free registration) · Financial Times (tiered subscription model) · Wall Street Journal (tiered subscription model), The

Published in Briefs: