18.04.2013 - China local authority debt could be worse than US housing market crash
China can face a similar or even bigger financial crisis than the United States if the local Government debt remains out of control for long, says a Senior Chinese auditor Zhang Kew Hoc, who is also the vice chairman of China’s accounting association, report CNBC. Zhang Ke said that his accounting firm Shine Wing, due to mounting concerns, is not signing off on bond sales by local governments. Zhang said that they audited local government bond issues, which was full of risks. “Most don’t have strong debt servicing abilities. Things could become very serious” he said........................................Full Article: Source
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