Debt on Local Gov' Financing Platforms Forces Regulator into Balancing Act

(Beijing) – Local government financing platforms' debts now total 9.3 trillion yuan, exceeding last year's local government revenues by half, a China Banking Regulatory Commission (CBRC) official recently said at an internal meeting.

By the end of 2015, nearly 3.5 trillion yuan of those debts will come due, exerting heavy pressure on local governments' fiscal conditions, he said.