China’s cabinet signaled on Tuesday it is closer to letting local governments directly sell bonds for the first time and said it would phase out opaque financing vehicles that are thought to have built up trillions of dollars of high-risk debt.
In a sweeping statement, the country’s top economic planner, the National Development and Reform Commission (NDRC), said Beijing would deliver stable economic growth whilst pursuing reforms.
The promise to stay focused on reforms would appease critics who worry China’s enthusiasm for bringing about painful changes may be on the wane as its economy stumbles.
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Aileen Wang, Koh Gui Qing and Lu Jianxin, Reuters via CHINA US Focus http://ift.tt/1jRoly9
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