China Says Economy Stabilizing After Long Slowdown
An audit last year found local governments ran up debts of 10.7 trillion yuan ($1.6 trillion) over the preceding decade, equal to about one-quarter of China's annual economic output.
Sheng said some local governments have paid down their debts while others are rolling out plans to manage them.
"We are monitoring the situation carefully and right now the issue is under control," he said.
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