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).
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.
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