PBOC's role in focus as local government debt grows
Central bank chief has options ranging from broad monetary easing to targeted steps in order to avoid credit crunch
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Shanghai
A SURGE in China's local-government debt pile is drawing focus to the central bank's role in avoiding a credit crunch as policy makers seek to develop a municipal-bond market.
Provincial authorities estimated they had some 16 trillion yuan (S$3.4 trillion) in liabilities in a review earlier this year, the China News Service said on April 25, citing a Ministry of Finance official it didn't name. That's a 47 per cent jump from 10.9 trillion yuan in June 2013.
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