Caixin
Mar 07, 2011 05:45 PM

Lightning Audit Ordered for Local Governments

(Beijing) – Central government auditors launched March 1 a strict, nationwide survey of provincial and municipal government debt programs, looking closely at risks involved in direct and indirect loans backed by local governments.

Auditors participating in the lightning campaign will trace loans issued over a 13-year period from 1997, when China rolled out an expansive fiscal policy to counteract a financial crisis spreading from Southeast Asia, through 2010, the second full year of an economic stimulus initiative that successfully spared China the worst of the global financial crisis.

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