Local Chinese Governments Add Billions to Multitrillion-Dollar Hidden-Debt Problem

What’s new: Local Chinese governments were found to be inflating fiscal revenue, adding new hidden debts and carrying out poor financial management, the national auditor said in a report.

Hou Kai, the head of the National Audit Office, divulged the findings Monday in a report on the implementation of the 2022 budget to the Standing Committee of the National People’s Congress.