Highlights of news conference of the Ministry of Finance
chinadaily.com.cn |
Updated: 2019-03-07 09:24
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Risk with Chinese debt under control: Liu Kun
Risk associated with Chinese government debt is under control, said Minister of Finance, Liu Kun.
China's government debt stood at 33.35 trillion yuan ($4.97 trillion) by the end of 2018, 37 percent of the country's GDP, significantly lower than the EU warning line of 60 percent, Liu said.
The ratio was also lower than both major market and emerging economies.
"As for implicit government debt, we have taken stringent measures to avoid new implicit debt from taking place," Liu said, adding that progress has been made resolving risk with existing implicit debt.
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