Only six of almost 300 city governments disclosed debts in 2014

A report published by Tsinghua University found that only six of almost 300 city governments in China surveyed had disclosed their debts in 2014, with only half of municipalities and provincial capitals disclosing their unused funds for the year, which totaled RMB23.5 billion (US$3.78 billion), South China Morning Post reported. The new report on city government fiscal transparency found that only Xiamen, Ninbo, Tianjin, Shanghai, Guangzhou and Beijing had given details on how debt had been spent. Local governments in China were RMB56 trillion in debt in 2013, according to figures released by the Chinese Academy of Social Sciences.