China insists local government debt is ‘manageable’

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The People's Bank of China on Monday issued a statement that dismissed reports that the country's local government financing vehicles owe 14 trillion yuan ($1.4 trillion) as "groundless". The central bank said that risks from the financing vehicles are manageable.

"The figure of 14 trillion yuan is incorrect and the risks associated with local government debts are controllable," the statement said.

The 2010 China Regional Financial Performance Report released earlier this month said the

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