Debt ceiling will check borrowing
By Zheng Yangpeng | China Daily | Updated: 2015-09-08 09:03
Markets welcome move by the State Council to bring in transparency Z
The decision by the top legislature to introduce a debt ceiling for local governments is good news for the market.
Last week, the National People's Congress Standing Committee approved a motion proposed by the State Council, or cabinet, to bring in a $16 trillion yuan ($2.5 trillion) debt quota for 2015.
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