China faces growth risks due to steep rise in debt
SHANGHAI: The head of China's national audit office warned on Monday that the country was facing growing risks because of a sharp rise in local government debt and poor controls over borrowing by investment companies set up by municipalities, provinces and other bodies.Liu Jiayi , the top auditor in China, said on Monday that at the end of last year local government debt had reached $1.7 trillion, or about 27 percent of the nation's gross domestic product. He said better regulation was needed to manage the debt risks.
"The management of some local government financing platforms is irregular, and their profitability and ability to pay their debts is quite weak," Liu said in a speech Monday.
The release of the report by the national auditor , who works under China's Cabinet, or State Council, comes as worries are growing that China's booming economy is overheating. Beijing is now trying to rein in bank lending to moderate growth and tame inflation and property prices.
On Monday, Prime Minister Wen Jiabao, who was visiting Britain, told Hong Kong television that the economy would probably exceed its inflation target of 4 percent this year.
Some analysts say an economic slowdown could expose huge hidden liabilities in the banking system. Many of the problems are tied to a $586 billion stimulus package Beijing announced in late 2008 and a huge wave of state-backed lending that took place in 2009 and 2010. Those money infusions were aimed at buffering China from the global financial crisis.
Although many economists argue that the country's enormous stash of foreign exchange reserves helps make Beijing strong enough to cope with the local government liabilities, they also point to worrisome signs of mounting debt.
The auditor's report on Monday was similar to a warning this month by the Chinese central bank. The bank said that at the end of last year, local government liabilities were as high as 30 percent of gross domestic product, or about $2.2 trillion - far higher than previous estimates.
That survey said local governments had created 10,000 investment companies to borrow money from banks, mostly to finance ambitious infrastructure projects. (China does not allow local governments to issue bonds to finance projects.
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Some have reduced growth estimates and downgraded their ratings of Chinese banks over concerns about a coming wave of nonperforming loans associated with local government debt. Last week, Charlene Chu, an analyst at Fitch, the credit ratings agency,
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