BEIJING (Reuters) – China’s local governments cannot ignore debt risks and take on more debt illegally because of the fiscal difficulties caused by the coronavirus pandemic, a meeting chaired by finance minister Liu Kun said on Monday.
Local governments are asked to step up management of their debts, the meeting said, according to a statement on the finance ministry’s website.
(Reporting by Stella Qiu, Judy Hua and Ryan Woo; Editing by Toby Chopra)
