China to revise law for tighter scrutiny of govt debt
Adds details; paragraphs 3-7
BEIJING, Nov 1 (Reuters) -China aims to step up supervision of government debt and plans to revise the law to do so, a spokesperson of the legislative affairs committee of the National People's Congress (NPC) said on Friday.
The changes proposed by the NPC's standing committee will require annual progress reports on debt management work from the cabinet and local governments, the spokesperson, Huang Haihua, told reporters.
The committee "should supervise government debt and establish a sound reporting system for government debt management," Huang said.
Draft amendments are set to be discussed when the standing committee meets from Nov. 4 to Nov. 8, Huang added, aiming to expand its oversight authority over government debt management, as well as financial and economic work.
Last month, Finance Minister Lan Foan said China would "significantly increase" government debt and support consumers and the property sector, but gave no details of the scale or timing of the fiscal measures.
Reuters reported that China is considering approving next week new debt issuance of more than 10 trillion yuan ($1.4 trillion) to tackle hidden local debt, fund buybacks of idle land and reduce a giant inventory of unsold flats, with decisions expected by the end of next week's meeting.
The standing committee of the National People's Congress, or China's parliament, will also supervise the financial and economic work of the cabinet and local governments and review reports on fixing problems identified in audits, Huang added.
($1 = 7.1220 Chinese yuan renminbi)
Reporting by Joe Cash and Kevin Yao; Editing by Clarence Fernandez
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
