Steps to curb hidden debt of local govts

Financing activities on land reservation, sale of use rights to be better supervised

The Ministry of Finance is planning to promote a pilot program this year to strengthen local governments' budget management related to land transactions. That is a measure to curb the growth of local hidden debts, according to an official familiar with the matter.

Under the program, local governments' financing activities concerning land reservation and sale of land-use rights will be better supervised, a senior official from the ministry's budget department said.