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Home Activity Slideshow 2011-05-06 Commemorate the 20th anniversary of the death of Fu Cheng at Taipei Grand Hotel

2011-05-06 Commemorate the 20th anniversary of the death of Fu Cheng at Taipei Grand Hotel

Commemorate the 20th anniversary of the death of Fu Cheng at Taipei Grand Hotel



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Last Updated ( Saturday, 07 May 2011 08:00 )  

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.