China exposes US$120 million local government debt scandal

Peace and Freedom

Beijing vows to punish officials involved in using taxpayers’ money to pay off debts incurred by authorities in central China city

By Frank Tang
South China Morning Post

PUBLISHED : Saturday, 01 July, 2017, 1:33pm
UPDATED : Saturday, 01 July, 2017, 1:40pm

A fresh scandal involving 818 million yuan (US$120 million) of murky local government debt has been exposed by China’s finance ministry, in another demonstration of Beijing’s determination to clean up the troublesome sector.

The municipal government of Zhumadian, a city in central China’s Henan province, is the latest to be caught out by the central government for borrowing irregularities. It is the third local authority to be named and shamed this year, following Qianjiang, Chongqing municipality in March and Zoucheng, Shandong province in April.

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