Planner Decries Poor Characteristics of ‘Characteristic Towns’
The so-called “characteristic towns” that were fostered to improve urbanization have worsened some local governments’ debt problems and suffer from a lack of market participation, according to an economic planning guideline that sets out measures to fight these problems.
China’s top economic planning body, the National Development and Reform Commission (NDRC), said in a 16-point guideline that the market should play a bigger role in characteristic towns so local governments will not have to engage in so much debt-fueled spending.
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