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Ratings agency says China debt was understated

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.

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Pro-independence groups voice their support for Lee

Pro-Taiwan independence groups yesterday expressed their belief in former president Lee Teng-hui’s (李登輝) innocence after he was indicted on a charge of embezzling state funds, saying that President Ma Ying-jeou (馬英九) was behind the charge. The groups also said the indictment was politically motivated.

Justice has to be served in the indictment of Lee, scores of pro-Taiwan independence groups said at a joint press conference held in Taipei.

Lee was indicted on Thursday on charges of embezzling NT$7.8 million (US$271,000) in national security funds during his tenure in office from 1988 to 2000. The following day, Ma held an impromptu press conference denying accusations that the indictment of Lee was politically motivated.

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Newsflash


Members of the People Rule Foundation walk around the Presidential Office Building in Taipei yesterday in a demonstration calling on the government to pass a draft amendment to the Referendum Act that would lower the thresholds for holding and passing referendums.
Photo: Liu Hsin-de, Taipei Times

Dozens of members of the People Rule Foundation yesterday marched from Taipei’s 228 Memorial Park to the Presidential Office Building as part of its campaign to urge the Democratic Progressive Party (DPP) to swiftly pass a draft amendment to the Referendum Act (公民投票法).