China's National Audit Office will carry out an audit of all government debt following a request from the country's State Council. The audit could indicate growing concern about the possible systemic risk of rising debt, especially at the local-government level, which has been estimated at 15-36% of GDP, or $3T. Earlier this month, Vice Finance Minister Zhu Guangyao said the government didn't precisely know the extent of the loans municipalities had taken out.
China's National Audit Office will carry out an audit of all government debt following a request...
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