13Feb/120
Repayment ‘extended’ of local govt debt
The Financial Times says Beijing has instructed Chinese banks to extend the repayment period of loans to local governments. It said the extension would avoid a wave of defaults by local governments. It said some governments had their loans extended by as long as four years. Earlier, the National Audit Office said local governments owed a total of 10.7 trillion yuan by the end of 2010.