China vows to coordinate support to resolve local government debt risks
BEIJING - China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday, as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors.
Financial departments should coordinate support to resolve local debt risks, enrich tools to prevent and resolve debt risks, strengthen risk monitoring and firmly hold the line on avoiding systemic risk, according to the PBOC statement. Analysts believe that a coordinated rescue package would likely involve a combination of additional funding or refinancing channels, debt swaps and payment extensions, and possible debt restructurings.
But Fitch Ratings said earlier this month it expects the central government will try to avoid outright bailouts of more troubled municipalities, as that would undermine policymakers' years-long effort to bring debt levels down to more manageable levels.
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