本站原创Local governmentsin China, barred from directly selling bonds and taking out bank loans, he set up thousands of fnancing vehi-cles to raise money to fund infrastructure projects. A frst-ever auditfoundthattheselocal governmentfinancing vehicles he accu-mulated a record breaking debt of 10.7trillion yuan ($1.7trillion). Butthere’s no needto panic overthis debt, said Xu Lin, Director ofthe Department of Fiscal and Financial Affairs ofthe National Development and Reform Commission (NDRC), in a question-and-answer statement posted onthe NDRC’s website on August 29. Edited excerpts follow:
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