- China needs to let local governments take responsibility for their finances, including allowing bankruptcies, as part of an effort to defuse their debt risks, said Xu Zhong, head of the research bureau at the PBOC.
- "A case like the bankruptcy of Detroit would convince investors that the central government is really determined to dispel beliefs of an implicit guarantee for regional authorities."
- In a report published on Saturday, China's National Audit Office said the country should also dispel the "illusion" that the central government will pick up the bill for local government debt.
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- Now read: Daily Insider Ratings Round-Up 12/20/17: SHAK, PSEC, CHN, NXRT, NCMI
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