Plan is­sued to han­dle lo­cal debt

China Daily (USA) - - POLICY REVIEW -

The State Coun­cil has is­sued a con­tin­gency plan to deal with the risk of lo­cal govern­ment debt. The plan in­cludes mea­sures to cope with dif­fer­ent types of lo­cal govern­ment debt and stip­u­lates that lo­cal gov­ern­ments will take full re­spon­si­bil­ity for re­pay­ing their debt. The pro­vin­cial gov­ern­ments will take full re­spon­si­bil­ity for emer­gency re­sponses to han­dle risks of lo­cal govern­ment debt and lo­cal gov­ern­ments above county level should draft con­tin­gency plans in ac­cor­dance with the ac­tual sit­u­a­tion in lo­cal places.

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