Strengthening Public Finance Institutions Will Likely Help China Manage Its Rising Local Government Debt

3153 word report published Sep 28, 2011

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Abstract:

Local government debt in China (AA-/Stable/A-1+; cnAAA/cnA-1+) continues to rise. According to a report from the country's National Audit Office (NAO) in June, 2011, the amount had more than doubled to Chinese renminbi (RMB) 10 trillion at the end of 2010 from RMB4.5 trillion three years earlier. Standard&Poor's Ratings Services expects the government's planned strengthening of public finance institutions to play an important role in making the debt more transparent and manageable. (Listen to the related podcast titled, "Why Stronger Public Institutions Could Help China Manage Local Government Debt," dated Oct. 4, 2011.) In our view, the surge in debt over the past few years is largely rooted in China's consolidating and uneven public finance institutional framework regarding

Brief Excerpt:

RESEARCH Ratings Definitions PDF Strengthening Public Finance Institutions Will Likely Help China Manage Its Rising Local Government Debt Publication date: 28-Sep-2011 Beijing Contact: Liang Zhong, Beijing (86)10-65692938; liang_zhong@standardandpoors...

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Global Issuers

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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