China’s National Development and Reform Commission (NDRC) said on Tuesday it plans to curb the “disorderly expansion” of local debt this year, Reuters reported. The remarks from the central planning agency came after the National Audit Office said local governments had run up total debt of US$2.95 trillion at the end of June. Leaders are looking for steady growth in the economy as they push through one of the country’s most ambitious reform agendas, aiming to transform the economy into one driven by consumers rather than the traditional investment and exports.
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