Local Gov'ts Had Debt of 15.4 Tln Yuan Last Year, Lou Jiwei Says

(Beijing) – China's local governments had total outstanding debts of 15.4 trillion yuan at the end of 2014, including 1.06 trillion yuan worth of bonds, says Lou Jiwei, the finance minister.

Lou told the committee that runs the legislature between its full sessions on December 26 that the State Council wants local governments to convert the loans they hold into cheaper bonds by the end of 2017.