China says it will set up a system to resolve its local government debt risks

This info comes via Chinese Communist Party television (China Central Television), reported by Bloomberg (gated).

In brief:

  • China said it will set up a system to resolve debt risks of its local governments
  • The plan was announced after a two-day, closed-door meeting (the Central Financial Work Conference is held every 5 years) to set the priorities for the US$61 trillion (RM290.63 trillion) financial sector
  • oversight of the financial sector would be boosted
  • efforts will be made to improve the regulation of property developers and their funds

Sounds good, will much come of it?

I posted this yesterday:

This article was written by Eamonn Sheridan at Source