China's central bank chief unfazed by debt

CHINA - The governor of China's central bank, Dai Xianglong, acknowledged for the first time yesterday that national domestic debt is much higher than official yardsticks have so far indicated, but he said reform and economic growth would alleviate the gravity of the problem over the next 10 years.

Mr Dai said that if unfunded state pensions liabilities, the debts of local governments and the non-performing loans in the "big four" banks were counted as public debt, then the level of domestic d

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