Local govt debt to be curbed further

Move part of efforts to check growth in borrowings, prevent systemic risks

China will take "much stronger" moves to curb illegal or irregular borrowing by local governments, to prevent debt growth that may spark systemic risks, a senior official with the Ministry of Finance told China Daily.

The upcoming campaign will include more strict investigation on provincial level governments' fundraising procedures, giving severe punishment to local government officials who resort to improper activities and regularly publishing information about illegal cases, according to the official from the ministry's budget department who declined to be named.