Caixin Global – Latest China News & Headlines

Home >


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

Huawei Develops Chip Design Tool to Counter U.S. Curbs on Tech Exports
Huawei Develops Chip Design Tool to Counter U.S. Curbs on Tech Exports
Tencent President Liu Zhiping to Step Down From Board in May
China’s Box Office Snaps Five-Week Decline on Big Domestic Openings
In Depth: The Role of China’s Newly Created National Data Bureau
China’s Scandal-Plagued Semiconductor ‘Big Fund’ Gets New Chief
TikTok Steps Up European User Data Protections Amid Threats of Bans
Business Leaders Push Tech Agenda at China’s ‘Two Sessions’
China to Build 600,000 5G Base Stations in 2023
Xiaomi Goes Toe-to-Toe With Huawei in License, Patent Disputes
China Issues New Rules to Stamp Out Deceptive App Features
Chinese Regulators Question Auto Supplier Over Next-Generation Battery Claims
IQiyi Waters Down Plan to Cash In on Popular Feature After User Uproar
Guangzhou Commits $29 Billion to Local Tech Funds
Game Developer NetEase Teases Chatbot-Generated Dialogue for Mobile Release
China’s No. 2 Chipmaker Posts Record Quarterly Revenue, but Sees Slowing Growth
SMIC Warns of Difficult 2023 After Fourth Quarter Slowdown
Shanghai Bourse Probes AI Firms’ Stock Surge on Chatbot Fervor
NFTs, Metaverse Get Digital Cold Shoulder in Beijing
Baidu Talks Up ERNIE as China’s Answer to ChatGPT
Yangtze Memory Kicks Terminated Workers Out of Apartments
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