China to allow local governments to replace costly debt

By Fergus Ryan

China’s local governments will be allowed to apply for cheaper municipal bonds to help refinance high-cost debt, Finance Minister Lou Jiwei said this week.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

The latest estimate by the National Audit Office of local government debt and contingent liabilities in mid-2013 was 17. 9 trillion yuan ($A3. 3 trillion).

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

Lou said the central government will control the quotas within which local governments can borrow money in a speech to the standing committee of the National People’s Congress on Wednesday.

Read more here: Business Spectator


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