The National Audit Office of China said on Sunday that it would conduct a broad audit of debts incurred by government agencies, in the latest sign of Beijing’s concern that heavy borrowing by local governments and their affiliates might pose a broader threat to the economy.
The audit office issued a single-sentence statement saying that it had been instructed by the State Council, or cabinet, to carry out the audit.
Western economists have estimated total local government debt in China at $2 trillion to $3 trillion and rising.
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Keith Bradsher and Chris Buckley, New York Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/b0ItGcHc-VA/
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