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China to Boost Local Government Debt Clean-Up

China Daily
March 2, 2012
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BEIJING - China will boost the clean-up of thousands of millions of local government's debt in 2012, so to guard against possible defaults that would hurt its banks, the country's banking regulator said Thursday.

The country will focus on cleaning up old loans made to local government financing vehicles (LGFV) while tightening new debt issues and raising cash to debt coverage ratios, China Banking Regulatory Commission (CBRC) said on its website.

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