China debt is at 'controllable level': Finance Minister
By Wang Yanfei | chinadaily.com.cn | Updated: 2017-03-07 10:13
China's government debt is at an overall safe and controllable level, China's finance minister said on Tuesday.
Finance Minister Xiao Jie said the Chinese government still has room to borrow more to finance projects.
The debt level remains low compared to other countries, according to Xiao.
Xiao cited data from the National Bureau of Statistics that China's central and local government debt balance stood at 27.33 trillion yuan as of last year, during which the debt to GDP ratio was only 36.7 percent.
To fend off default risks, Xiao said China will control the scale of local government debt, improve the emergency response mechanism and enhance investigations of illegal financing behavior.
Related Stories
- China to prevent debt level rise and asset bubbles: Central bank economist
- Debt risk in China's real estate industry within control: Analysts
- China to avoid financial shock, hit high income status by 2027: Morgan Stanley
- China says central SOEs' debt risks controllable
- Quality, efficiency should be growth focus, Li says
