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China introduces emergency plan for local gov't debt risks

(Xinhua)    18:29, November 14, 2016

BEIJING, Nov. 14 -- In latest effort to address rising concern over local government debts, China introduced Monday a four-grade emergency plan which could result in a "fiscal rebalance act" on the part of the local government.

The city and county-level governments will be ordered to launch a fiscal rebalance act if its annual payment for interest of general debts is 10 percent higher than its public spending budget, or that for interest of special debts is 10 percent more than its government fund spending budget, according to the emergency plan.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Yuan Can, Bianji)

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