Work conference sets China's 2014 economic goals

China’s leaders have set out their economic goals for 2014 at the Central Economic Work Conference, a meeting that traditionally sets the economic agenda for the coming year, The Wall Street Journal reported, citing a statement released by the conference. The statement referred to local government debt, which has been among the biggest drivers of total debt, borrowing heavily to finance infrastructure and real-estate projects. According to Fitch ratings, since 2008, domestic debt has ballooned to 216% of GDP from 128% and could climb to 271% by 2017 if not corrected. The statement also pointed to easing overcapacity in key sectors such as steel, glass and cement.