Beijing is making one of its biggest top-down efforts in years to tackle the debts racked up by local governments in a sign of authorities’ mounting concern over the risk to financial stability as the economy falters.
China’s state council, the country’s cabinet, is sending teams of officials to more than 10 of the country’s financially weakest provinces to scrutinise their books — including the liabilities of opaque off-balance sheet entities — and find ways to cut their debts.
Working groups from the central bank, finance ministry and securities watchdog are involved in the debt resolution effort in those provinces and will report to Premier Li Qiang, two people familiar with the initiative said.
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