State Council to Clear Debts of Local Financing Platforms
Published:
2010-06-14
According to a notice released on June 10, the State Council will require local governments to make an overall review of the debts of their financing platforms and prohibit them from providing irregular guarantees to other parties. Ongoing public projects that are still being constructed will have to be financed either through local governments budgets or rely on the market for capital rather than being funded by local financing platforms.
Source
The Beijing News
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