Picture of true liabilities is murky at all levels, but especially at local governments
A municipal sanitation worker picks up litter on a street next to a decommissioned coal processing facility in Hegang, a remote coal town in northern China that faced a mountain of debt and was forced to undergo an unprecedented financial restructuring. Many believe it was just the tip of the iceberg. (Photo: Bloomberg)
BEIJING: China has begun a fresh round of nationwide inspections to work out how much money local governments owe, according to people familiar with the matter, a sign that authorities are preparing to take concrete steps to tackle a key financial risk.
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