China orders government debt audit
China's cabinet has ordered a nationwide audit of debts owed by local government.
Beijing has classified the matter as urgent and audit officials have been directed to suspend work on other projects, to complete the nationwide mission.
Local governments in China borrowed heavily after the global financial crisis to try to sustain growth rates.
The last audit, published in 2011, showed they had debt of 10.7tn yuan ($1.7tn; £1.1tn) by the end of 2010.
It has long been cited as a risk to China growth. Martin Patience reports.
30 Jul 2013
- From the section Business