China's Central Bank Says It Will Support Local Governments With Debt Issues
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China's central bank will provide support to debt-ridden local governments when necessary, says governor Pan Gongsheng.
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Most local government debt concentrated in larger, faster growing provinces that can resolve debts themselves.
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China's overall government debt level is mid-to-low internationally, central government's burden relatively light.
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Real estate sector undergoing major transformation, banks exposed, but personal housing loans just 23% of bank loans.
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China has confidence and ability to maintain yuan exchange rate stability, will advance yuan internationalization.