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China to Clean Up Billions Worth of Local Debt
Beijing is to take on some 2-3 trillion yuan of local government debts according to Reuters, hoping to stave off a wave of destabilising defaults in the future.As part of Beijing’s overhaul of the finances of heavily-indebted local governments, the central government will pay off some of their loans and state banks including some of the “Big Four” will be forced to take some losMay 31, 2011 11:19 PM



