Chinese legislators call for efforts to control local gov t debt

Chinese legislators on Thursday urged intensified efforts to keep local government debt under control, warning against potential default in the future.

A report submitted to the congress session reveals that local government debt risk is controllable overall.

However, statistics show potential risks are looming as the debt ratio of some provincial governments has surpassed the level of 100 percent.

More than 100 municipal governments and 400 county governments also reached that level.

Legislators said measures such as deepening fiscal and tax policy reform to give local governments more revenue and hold those who borrow illegally accountable should be taken.

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