China will prevent risks from local govt debt -ministry official

Credit: REUTERS/ALY SONG

China will prevent risks from local government debt and will not relax its controls due to the coronavirus, Wang Kebing, a finance ministry official, said on Friday.

BEIJING, July 17 (Reuters) - China will prevent risks from local government debt and will not relax its controls due to the coronavirus, Wang Kebing, a finance ministry official, said on Friday.

Funds raised from local government special bonds must be used for projects with certain returns and cannot be used to pay wages or pensions, Wang told reporters.

(Reporting by Kevin Yao; Editing by Tom Hogue)

((kevin.yao@thomsonreuters.com; +8610 5669 2128;))

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