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1st Ld: China adopts local government debt ceiling

Xinhua, August 29, 2015 Adjust font size:

China's top legislature on Saturday imposed a ceiling of 16 trillion yuan (2.505 trillion U.S. dollars) for local government debt in 2015.

The decision was adopted at the close of the National People's Congress (NPC) Standing Committee bi-monthly session.

The 16-trillion-yuan debt consists of two parts, 15.4 trillion yuan of debt balance owned by local governments by the end of 2014, and 0.6 trillion as the maximum size of debt local governments are allowed to run up in 2015.

According to the Budget Law which took effect this year, and a State Council regulation, China should cap local government debt balance, and the size of local government debt should be submitted by the State Council to the NPC for approval. Endi