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China moves to audit local govt spending

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CHINA’S NATIONAL AUDIT Office (NAO) is to start a nationwide audit to address concerns about rising debt from local government projects which stood at Rmb10.7tn (US$1.7tn) at the end of 2010 – accounting for some 26% of China’s  Rmb40.1tn GDP that year.    But a recent IMF estimate puts China’s total government liability, including government-led infrastructure […]

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