Less Debt

Local governments have issued less debt this year compared with 2016, data showed on May 9.

In the first four months of 2017, local governments raised 799.4 billion yuan ($116 billion), down from 2.02 trillion yuan ($292.5 billion) a year earlier, according to data compiled by Wind, a financial information provider.

China’s authorities have stepped up efforts to rein in financial risks and promised to correct irregular fundraising by local governments.

In a recent statement, the Ministry of Finance told provincial authorities to examine their financing practices and rectify all irregularities by the end of July.