China’s Top Auditor Warns On Rising Local Debt And Mismanagement

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China’s top auditor warned about risks threatening the country’s economic development and called for better management of finances.  The auditor general at the National Audit Office (NAO) and China’s top auditor, Liu Jiayi, warned China’s politicians on Thursday that local governments must manage their debts and investments or risk derailing economic development.   New Borrowing To Repay Old Debts The auditor general observed debts owned by 18 provincial-level governments and municipalities have risen sharply touching 3.85 trillion yuan ($626 billion) by the end of last year. Debts have galloped by 13 percent over the past two years. Liu Jiayi  highlighted…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports