Oct 22, 2014 06:31 PM

FINANCE

Ministry Said to Propose Local Gov'ts Issuing Bonds to Cover Debts

By staff reporter Huo Kan

(Beijing) – The Ministry of Finance has proposed that local governments be allowed to issue bonds to repay their existing debts.

The proposal came in a document the ministry has circulated. A Caixin reporter read the document on October 21.

The debts would cover the money that local governments raised for projects as of December 31, and involve both direct debts and contingent liabilities.

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