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FINANCE

Local Officials Now Liable for Bad Debt-Management Decisions for Life

By Wu Hongyuran and Dong Tongjian
President Xi Jinping said local officials will be held accountable for life for their poor debt-management decisions — a move seen as a crackdown on reckless government borrowing. Photo: Visual China
President Xi Jinping said local officials will be held accountable for life for their poor debt-management decisions — a move seen as a crackdown on reckless government borrowing. Photo: Visual China

(Beijing) — In China, local government officials will no longer be able to get away with bad decisions on debt management even after their terms of office end.

Among the decisions from the National Financial Work Conference, concluded on Saturday, President Xi Jinping said local officials will be held accountable for life for their debt-management decisions. Officials who are found ignoring the risks of building up debt while pursuing economic growth will be pursued even after their terms end.

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