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China moves on irregular financing

China is moving to correct irregular behavior in the fundraising of local governments as part of efforts to rein in financial risks amid a firming economy. In a notice released on Wednesday, the Ministry of Finance asked provincial authorities to start examining their financing practices as soon as possible and rectify all irregularities by the end of July, with progress to be tracked by the ministry's local supervisors. The relationship between governments and local financing platforms should be properly handled, and the latter should transform into market-based State-owned enterprises that can stay clear of government intervention. Local governments are allowed to set up investment funds with private companies and conduct public-private partnership cooperation, but debt financing is strictly prohibited.

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