Some local governments are so overstretched that they are struggling to meet their day-to-day operating costs, China’s finance ministry said on Sunday, as it warned on escalating debt risks in the economy.
Local governments’ fiscal woes come as they face the prospect of either continuing to support highly indebted state-owned enterprises, especially in steel and coal, or allowing them to close and taking on the burden of additional pensions, unemployment benefits and unpaid debt.
“Imbalances in government revenue and expenditures are becoming more pronounced” in resource-dependent regions, the finance ministry warned in its budget report, issued on Sunday at the annual meeting of the country’s rubber-stamp legislature.
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