BRINGING DEBT DOWN.docVIP

BRINGING DEBT DOWN 　　If you ask China watchers to list threats to the country’s economy， you would probably get this one item on everyone’s list—hefty local government debt. 　　China released the results of a long-awaited nationwide audit on government debts in an attempt to ease mounting market concerns over the amount of debt and its possible impact. 　　Local governments’ direct debts—debt that will be repaid by the government’s fiscal revenue—reached 10.9 trillion yuan （$1.79 trillion） by the end of June 2013， with the government holding another 7 trillion yuan（$1.16 trillion） in contingent