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China scraps much talked-about plans to let local governments directly issue bonds over worries...
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Tuesday, June 26, 2012, 9:43 AM ETChina scraps much talked-about plans to let local governments directly issue bonds over worries it could aggravate an already-problematic debt problem. Unable to raise funds in the bond market, localities for years have set up thousands of opaque financing vehicles whose debt now totals about 27% of Chinese GDP.
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