China will strictly control local government debt quotas and step up checks on illegal debt guarantees, finance minister Xiao Jie said on Tuesday.
Government debt risks are generally under control, Xiao said at a news conference during the annual meeting of parliament.
China will continue a debt-swap program for local governments to help contain debt risks, Xiao said.
The government has tightened controls in recent years on new local government debt to help ward off financial risks following a borrowing binge since the global financial crisis.
China capped the rise in outstanding local government debt at 17.2 trillion yuan ($2.49 trillion) in 2016, up from 16 trillion in 2015, excluding bonds issued under …
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