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.
- 8,000 Heilongjiang Teachers in Three-Day Strike over Pay, Benefits
- Justin Lin Ignores Population Factor with Growth Predictions
- Graphics: China And Terrorism
- Lost Verdict
- Glory Daze
- The Low Official Found with Towering Pile of Cash, Gold and Properties
- China-U.S. Investment Treaty Would Strengthen Economic Relations
- Qihoo Sues Baidu over Posts Blaming it for iPhone Virus
- APEC Summit Brought Welcome Warming of Sino-U.S. Ties
- Crocodile Castaway
- Sign up to receive our free daily newsletter
- Visa, MasterCard Confront China's Stacked Deck
- Why China's Bullet Train Deal with Mexico Went Off the Rails
- Chinese Developers' Projects in Malaysia Run into Series of Snags
- Is China Regressing to the Mean?
- Some Shanghai FTZ Reform Ideas Introduced to Rest of Country
- Alipay Will Do What Alibaba Couldn't, Jack Ma Says: List in China
- Graft Busters Find another Cash Pile, but Family Denies Corruption
- Closer Look: Why Shanghai-Hong Kong Stock Connect Was One-Way Road
- At Factory Waste Ponds, Fumes Choke Fantasies
- Gov't Gives Academics Failing Grade for Fraud in Research Funding