China says local governmen incurred $1.65 trillion debt

Reuters News
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Posted: Jun 27, 2011 12:13 AM
China says local governmen incurred $1.65 trillion debt

BEIJING (Reuters) - Chinese local governments had incurred about 10.7 trillion yuan ($1.65 trillion) in debt as of the end of 2010, about half of which was held by financing vehicles, the national audit office said on Monday in its first-ever audit of local government finances.

(Reporting by Beijing Economics Team; Editing by Chris Lewis)