China orders nationwide government debt audit
BEIJING (REUTERS) - China's National Audit Office will conduct an audit of all government debt at the request of China's State Council or cabinet, it said in a statement on Sunday, underlining concern over rising debt levels in the world's second biggest economy.
The audit office, responsible for overseeing state finances, made the announcement in a one-sentence item on its website, but gave no details on the audit.
The official People's Daily newspaper said separately on its website, citing unidentified sources, that an urgent order for the audit was issued on Friday and work will start this week.
The audit could indicate increased official concern over the systemic risk from rising debt levels in China, especially debt of local governments, as top leaders slow economic growth in order to promote reform.