Curbing local debt top priority for 2018

Finance ministry vows to continue crackdown on illegal fundraising

China remains determined to curb local governments' debt risks in 2018, as the authorities continue the crackdown on illegal fundraising activities, Finance Minister Xiao Jie said on Wednesday.

The country's local government debt risk is likely to no longer remain "hidden", especially when the money is raised from the government's investment fund and illegal public-private partnership projects, the minister warned at an annual ministry meeting, which announced the major tasks for 2018.