国内英语资讯:Overall risk of Chinas local government debt controllable: national audit office_时事

国内英语资讯:Overall risk of Chinas local government debt controllable: national audit office

Compared with the government debt ratio of other major economies, this is still relatively low. Meanwhile, a large part of the newly increased debt took shape as the local government financing vehicles continued to implement the loan contracts signed in previous years or renewed contracts in accordance with the framework agreements since the implementation of the new Budget Law.

Moreover, those debts have all been used for projects to develop social undertakings and improve people's livelihood and have become effective assets, which help the sustainable development of local society and economy. The Chinese government has established a regular local government debt monitoring mechanism, and has strengthened accountability over irregular borrowings.

Audit findings in recent years show that relevant departments and local governments have conscientiously adhered to the general work guideline of seeking progress while maintaining stability.

They strengthened efforts in streamlining administration and delegating more powers to lower-level governments, accelerated economic growth model shift and economic restructuring, sped up the revitalization of idle funds and coordinated use of financial resources, promoted supply-side reform and implemented tasks of cutting overcapacity, destocking, deleveraging, lowering costs and strengthening weak areas, and steadily improved public services and capacity of safeguarding people's livelihood.