China

China debt: State Council says local governments must ‘tighten their belts’ and cut debt to reduce financial risks




Beijing has ordered all levels of government across China to lower their debt levels, as leaders move to address the fiscal risks that arose last year when policymakers boosted spending and cut taxes to fight the economic fallout from the coronavirus pandemic.In its work report presented to the National People’s Congress on March 5, Beijing said it would strive for “basic stability” in the macroeconomic leverage ratio of debt to gross domestic product (GDP). But at Monday’s meeting of the State…



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