Guangzhou Nears Debt Red Line, Its Figures Show
(Beijing) – One of the most affluent cities in the country has published figures that indicate it is on the verge of falling short of meeting scheduled debt repayment.
This comes amid mounting concern that local governments may have trouble paying off the debts they racked up in recent years amid spending intended to stimulate the economy.
Guangzhou, the capital of Guangdong Province with a GDP that ranked third last year among all Chinese cities, said on July 30 that it needs to pay loans worth almost 26.1 billion yuan this year. That is 19.37 percent of the city government's projected income for this year. The internationally accepted red line for this ratio is 20 percent.
- Official in Shanxi City 'Falls to His Death after Facing Investigators'
- Sinopec Picks 25 Investors to Hold Stake in Sales Unit
- The Week in Photos: September 5 – 12
- Old Spice
- Britain Needs Greater Unity, Not a Messy Breakup
- Ice Challenge Is Social Media Hit, but Sufferers of Rare Diseases Still Live on Fringes
- Rules and the Ruler
- Deserted Kids
- Haining Temple
- Machinery Maker Sany Changes Its Hong Kong Listing Plan
- Sign up to receive our free daily newsletter
- Spectre of Corruption Haunts Huawei
- Will Education Firm New Oriental Learn or Lose?
- UnionPay, Apple Said to Agree on U.S. Firm's New Payment Technology
- Coming to Grips with Ammonia in China's Haze
- Gov't Again Cracks Down on Schools for Migrant Workers' Children
- Closer Look: Alibaba's Looming IPO Sends Shockwaves through Bourses at Home, Abroad
- Gov't Cobbles Together Funding for Slum Renovation Projects
- Media Outlet Blackmailed over 100 Companies, Xinhua Reports
- Phony Futurism
- Shenzhen's Qianhai Zone Joins Overseas E-Commerce Pilot