Caixin Global – Latest China News & Headlines

Home >


CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

Update: High-Tech Trading Board Soars on Day One
China Southern to Receive New Investor Windfall
China Allows Foreign Asset Managers to Control Wealth Management JVs
China’s Starbucks Challenger Eyes Middle Eastern Foray
Veteran Hong Kong Actor Recovering After Being Stabbed at Event
China’s Largest Carmaker Expands Its Ride-Hailing Business
Xiaomi, Other Chinese Firms Debut on Fortune Global 500 List
Ministry Outlines Ultra HD Video’s Broad Application Prospects
China Allows Foreign Asset Managers to Control Wealth Management JVs
China Southern to Receive New Investor Windfall
Update: High-Tech Trading Board Soars on Day One
Taiwan Stocks Offer Hefty Yield But Investors Still Selling
China's Nasdaq-Style Venue Starts Trading as All Stocks Climb
The Meaty Taste of Meatless Food of the Future
Toyota, BYD in Tie-Up to Develop Electric Vehicles for China
China Approves Older Novartis MS Drug
Alibaba Supermarkets Roll Out Drug-Dispensing Vending Machines
Beijing Seeks Bang for Its Buck in Hydrogen Vehicle Drive
BMW, Tencent Team Up for Autonomous Driving Project
Exclusive: Chinese Buyers Deep in Talks With Embattled Japanese Panel-Maker
Vietnam Surpasses Hong Kong in Port Throughput
Bug-Trapping Lamps May Help China Control Crop-Devouring Moth
Google Says China Search Engine Plan ‘Terminated’
National Auditor Finds Flaws in Local Debt Reports

By Cheng Siwei and Han Wei / Jun 27, 2019 03:07 AM / Economy

Photo: VCG

Photo: VCG

Audits of 52 local governments’ debt have found errors in data reporting and holes in debt relief plans, China’s national auditor said Wednesday.

In a report to national legislators, the National Audit Office (NAO) said a 2018 inspection of local budget implementation found 31 local authorities either inflating or deflating debt totals, while 11 localities lacked proper plans to deal with outstanding debts totaling 17 billion yuan ($2.47 billion).

The inspection covered 18 provincial governments, 17 cities and 17 counties, the NAO said.

The central government has ordered local officials to work out plans to dispose of their borrowings from before July 2017 in five to 10 years — through debt swaps or restructuring measures — as part of the national campaign to defuse debt risks.

The auditor suggested further enhancing supervision of local government spending and setting up a national debt risk monitoring mechanism.

Related: Editorial: Tighten the Cord on Local Debt

Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.