Economy
20:57, 10-Mar-2019
China's government debts controllable: official
["china"]
Share
Copied
China's government debts are controllable, and the risks are under control, an official said Sunday at a press conference on the supervision work by the National People's Congress (NPC) for the second session of the 13th NPC in Beijing.
"Debt ratios of both central government and local governments are within controllable range, which are below the internationally recognized warning line…and the risks are controllable," said Zhu Mingchun, vice chairman of Budgetary Affairs Commission of the NPC Standing Committee.
Zhu Mingchun, vice chairman of Budgetary Affairs Commission of the National People's Congress (NPC) Standing Committee, answers questions during a press conference on the supervision work by the NPC for the second session of the 13th NPC in Beijing, capital of China, March 10, 2019. /Xinhua Photo
Zhu Mingchun, vice chairman of Budgetary Affairs Commission of the National People's Congress (NPC) Standing Committee, answers questions during a press conference on the supervision work by the NPC for the second session of the 13th NPC in Beijing, capital of China, March 10, 2019. /Xinhua Photo
"However, the hidden debts… are quite risky in some local governments… and one of the reasons is that the data are not particularly clear," Zhu stressed.
The local governments' hidden debts refer to debts beyond the statutory limit, which are borrowed by means of financing platforms, public-private partnership or services purchase, and are repaid with financial funds directly or as promised.
Last year, China made important arrangements for preventing and defusing hidden debts risks, which were actively implemented by local governments. Its hidden debts growth is contained and the work of reducing debts is carried out in a steady and orderly manner, Zhu said.