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Hoping to ease concerns about the threat of state and municipal debt to bank and national...

Hoping to ease concerns about the threat of state and municipal debt to bank and national finances, China's National Audit office reveals there is total local debt of $1.66T. The office says the localities are obligated to pay back 62% of this amount, begging the question about the other 38%.
Comments (1)
  • Rob Viglione
    , contributor
    Comments (331) | Send Message
     
    Wow, even the Chinese are racking up debt like crazed crack addicts! I thought that was an industrialized, Western phenomenon.

     

    $1.66 trillion for China is kind of a big deal...
    27 Jun 2011, 10:01 AM Reply Like
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