It’s the latest step in efforts to rein in local debt risks as the economy slows
[BEIJING[ China’s Ministry of Finance set up a new debt-management department, it said on Monday (Nov 3), the latest step in its effort to rein in local debt risks as the economy slows.
The department’s main responsibilities will include formulating and implementing systems and policies for managing central and local government debt, as well as drafting regulations and measures for debt-related management, according to the ministry’s website.
The department will help set limits on outstanding national and local government debt, manage the issuance and repayment of government borrowings and oversee risks – particularly those associated with implicit…