Hainan Reports Debt Hit 170 Bln Yuan Last Year

(Beijing) – Hainan Province recently said its debt reached more than 170 billion yuan last year, up 22 percent from June 2013.

The southern island province is the only one of the country's 31 provinces, regions and municipalities that has published its debt figures this year.

In October, the Ministry of Finance required all local governments to review their debts and report back by January 5. After that, they must wind down existing direct debts and borrow by selling bonds, a method that economists say is more transparent and sustainable than financing through platform vehicles.