Taesiong ScriptureThose who guard our country and protect Taiwan are respected by all in Heaven. Propitiousness, too, shall follow. All evils shall abandon afar. Innumerable spirits shall protect and bless them. All the doings of righteous ways of democracy, upheld by the Origin Destiny’s Heavenly Principles, shall achieve the Great Bodhisattva of Taiwan as the fruit. Such is cultivating action, is truthful action; is a Shepherd who truly achieve the great vows.
Newsflash
China’s local government debt may be 3.5 trillion yuan (US$540 billion) larger than auditors estimated, potentially putting banks on the hook for deeper losses that could threaten their credit ratings, Moody’s said yesterday. Moody’s reviewed a report released by China’s state auditor last week, which found that local governments had chalked up 10.7 trillion yuan of debt. Moody’s said it identified more loans funded by banks after accounting for discrepancies in figures given by various Chinese authorities. Investors worry the pile of loans, about half of which were racked up during a 2008 stimulus spending binge, could destabilize the Chinese economy in the long run. If banks have to absorb heavy losses, it could restrict lending. |
