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China's National Audit Office will carry out an audit of all government debt following a request...

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.  
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