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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

Former president Chen Shui-bian (陳水扁) yesterday said he opposed forcing former Democratic Progressive Party (DPP) chairman Frank Hsieh (謝長廷) out of the year-end elections, while expressing support for an election bid by DPP Chairperson Tsai Ing-wen (蔡英文).

Chen’s secretary, Chiang Chih-ming (江志銘), said the former president complained that no one in the DPP came out to defend Hsieh when he was attacked by the pro-unification media and portrayed as a traitor during the Martial Law era.