Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
The feature you requested does not exist. However, we suggest the following feature:

China State Auditor Finds Irregularities in Local-Government Borrowing

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/30/2016 | 05:06am CEST

BEIJING--China's state auditor said it found irregularities in some local-government borrowing, worth billions of dollars.

Several local governments borrowed 23.59 billon yuan ($3.55 billion) for infrastructure projects last year and promised returns from the projects, Wang Jiayi, head of the National Audit Office said in a report.

About 300 billion yuan was borrowed by local governments that either provided creditors with guarantees for other agencies or promised lenders that they could provide public services in exchange the funds, the auditor said.

The auditor, which checked on 11 provinces, named the provinces of Zhejiang, Shandong, Henan, Sichuan, Heilongjiang, Hunan and Inner Mongolia in its report.

Local governments can only raise funds by issuing bonds and can only provide guarantees for some foreign debt, Finance Minister Lou Jiwei said a in a separate report released Wednesday.

Outstanding local government debt nationwide stood at 16 trillion yuan at the end of last year, Wang Kebing, a finance ministry official said at a briefing last week. Apart from that, local governments still have more than 7 trillion yuan that they had provided guarantees for other institutions, he said.

Write to Liyan Qi at liyan.qi@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
05:06aDJChina State Auditor Finds Irregularities in Local-Government Borrowing
05:05a GLOBAL INVESTMENTS : Announcement Pursuant To Rule 704(17)(b) Of The Listing Manual Of The Singapore Exchange Securities Trading Limited
05:04a GRANITE CONSTRUCTION : Trolley rails to be welded soon in South Side
05:01a PNC FINANCIAL SERVICES : BNY Mellon OK'd for dividend hikes
05:00a PACIFIC BASIN SHIPPING : Monthly Return of Equity Issuer on Movements in Securities
04:57a XCEL ENERGY : power line plans have Victoria residents charged up
04:55a CEBU AIR : CEB boosts service between Manila and Virac
04:55a EAA ECOTOURISM ASSOCIATION OF AUSTRALIA : Seabob Jet Australia achieves Ecotourism certification
04:50a HITACHI ZOSEN : Hitz US Subsidiary Opens Houston Branch amid Rush on Construction of Shale Gas-based Fertilizer Plants
04:50a AV CONCEPT : Year Ended 31 March 2016 Annual Results Announcement
Latest news
Advertisement
Hot News 
TESARO’s Niraparib Significantly Improved Progression-Free Survival for Patients With Ovarian Cancer in Both Cohorts of the Phase 3 NOVA Trial
Galena Biopharma Discontinues NeuVax™ (nelipepimut-S) Phase 3, PRESENT Interim Analysis based on Independent Data Monitoring Committee Recommendation
BRAMMER : Share Price Halves On Profit Warning; May Scrap Interim Payout
DIAMOND RESORTS (DRII) ALERT : Johnson & Weaver, LLP Launches an Investigation into the Fairness of Price and Process in Proposed Sale of Diamond Resorts International, Inc.; Is $30.25 a Fair Price?
ECLIPSE RESOURCES CORPORATION : Prices Public Offering of Common Stock
Most Read News
10:38p Asia stocks rise as post-Brexit rebound continues, yen stays flat
Most recommended articles
04:15p Gold Prices Consolidating Another Bullish Breakout
03:05aDJStocks Rise as Brexit Worries Ease
11:06pDJChina State Auditor Finds Irregularities in Local-Government Borrowing
10:16pDJAmazon Gets Back in the Phone Business
10:05pDJRio Tinto Walks Away From Closed Bougainville Copper Mine