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Chinese local debt understated by $540 billion: Moody's (The Chicoms aren't doing any better)
Reuters via RealClearMarkets ^ | 07/05/2011

Posted on 07/05/2011 7:16:10 AM PDT by SeekAndFind

Edited on 07/05/2011 7:25:36 AM PDT by Admin Moderator. [history]

BEIJING (Reuters) - China's local government debt burden may be 3.5 trillion yuan ($540 billion) larger than auditors estimated, putting banks on the hook for deeper losses that could threaten their credit ratings, Moody's said on Tuesday.

Addressing the estimate by China's state auditor that its local governments have chalked up 10.7 trillion yuan of debt, Moody's said it found more potential loans after accounting for discrepencies in figures given by various Chinese authorities.


(Excerpt) Read more at realclearmarkets.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: china; localdebt; moodys

1 posted on 07/05/2011 7:16:15 AM PDT by SeekAndFind
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To: SeekAndFind

Shocking that growing an economy based on high growth, low margins and a deflated currency would result in bad loans.


2 posted on 07/05/2011 7:56:29 AM PDT by 11th Commandment (http://www.thirty-thousand.org/)
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To: SeekAndFind

Bad accounting is a tradition in China. One day it’s all going to collapse.


3 posted on 07/05/2011 8:00:24 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: SeekAndFind

Utter fantasy.

Denial. Not just a river in Egypt...


4 posted on 07/05/2011 8:01:43 AM PDT by Cringing Negativism Network (BUY AMERICAN. The job you save will be your son's, or your daughter's)
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