China's local government debt remains low

2023-03-01 Editor : Li Yan ECNS App Download

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. (Photo/Xinhua)

China's overall local government debt ratio remains relatively low and faces no problem of defusing systematic risks, China's Finance Minister Liu Kun said at a news conference in Beijing, on Wednesday.

Liu said that the liability ratio of statutory debt last year was about 50 percent, which is relatively low level by global standards.

He said that the main problem facing China's debt issue is that debts are distributed unevenly across regions, with some regions facing higher debt risks as well as pressure in paying interests and principles.

He said competent authorities have been required to fully harness their primary role in resolving government debt risks and that all efforts should be made to ensure that no systemic risks would arise.

"We have no problem guarding this line," Liu said.


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