China's Local Debt Is No Problem, Wen Says

Premier Wen Jiabao at his annual press conference after the closing session of the National People's Congress in Beijing Photograph by Lintao Zhang/Getty Images

In what will likely be his last national press conference, Premier Wen Jiabao had some reassuring words about China’s local debt burden. Speaking before Chinese and foreign reporters at the close of the National People’s Congress on March 14, Wen announced that last year the debt held by local governments rose by only 300 million yuan ($48 million).

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