08 Jan '12, 9pm

Local govt debt: Wen calls for safeguards

BEIJING - With the world bracing itself for a global slowdown, all eyes are on economic giant China - and worries are mounting over the huge debts of its local governments, which could become insolvent and endanger China's financial system. Amid the growing concerns - and as the World Bank revealed that it will recommend reforms to China's domestic financial system - China Premier Wen Jiabao has urged the country to reduce risks stemming from local government debt. While describing the debt situation as "still under control", Mr Wen said China must "regulate its local government debt financial mechanism ... and establish controls for the scale of local government debt and a risk warning mechanism". Mr Wen's comments - which were made in a speech at the end of an important financial conference - were published over the weekend on a government website. However, Mr Wen stoppe...

Full article: http://www.todayonline.com/World/EDC120109-0000028/Local-...

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