(MENAFN) China's local governments owe nearly USD3 trillion in a debt build-up, what makes governments worry about the financial reforms, according to the Peninsula Qatar.
The National Audit Office, China"s state auditor, stated that outstanding debt was estimated at USD2.92 trillion at the end of June.
The debt load leaves China with total government debt of around 58 percent of gross domestic product.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.