A top Chinese auditor has warned that local government debt is “out of control” and could spark a bigger financial crisis than the US housing market crash.
Zhang Ke, head of leading Chinese accounting firm ShineWing, said he had all but stopped signing off on bond sales by local governments as a result of his concerns.
“We audited some local government bond issues and found them very dangerous, so we pulled out,” Mr Zhang said in an interview. “Most don’t have strong debt servicing abilities. Things could become very serious.”
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