Caixin OnlineOpinionCommentaries The Premature Panic over the Debt Audit
07.30.2013 14:45

The Premature Panic over the Debt Audit

It is too early to worry that a crisis is looming, and in fact now is the time to buy on the cheap
By Hong Hao

The intention behind the National Audit Office's audit of local government debt is to quantify the country's debt situation, not to exacerbate existing risks. Yet those betting short on China are eagerly waiting their turn. After all, the country's debt levels are an important figure and the term "debt audit" sounds terrible, implying lurking problems about to surface soon. The pessimistic logic is that if there was no problem, then there would not be an audit.

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Twenty months into a campaign against corrupt leaders, the crackdown is accelerating and the public is in the loop
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