June 8, 2020 / 10:17 AM / a month ago

China's finance ministry asks local governments not to ignore debt risks

BEIJING (Reuters) - China’s local governments cannot ignore debt risks and take on more debt illegally because of the fiscal difficulties caused by the coronavirus pandemic, a meeting chaired by finance minister Liu Kun said on Monday.

Local governments are asked to step up management of their debts, the meeting said, according to a statement on the finance ministry’s website.

Reporting by Stella Qiu, Judy Hua and Ryan Woo; Editing by Toby Chopra

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