China launches an audit as local government debt swells WHEN the city of Detroit filed the largest municipal bankruptcy case in U.S.history,well-known economist Lang Xianping warned that the event was a wake-up call f...China launches an audit as local government debt swells WHEN the city of Detroit filed the largest municipal bankruptcy case in U.S.history,well-known economist Lang Xianping warned that the event was a wake-up call for Chinese cities,saying,＂China is probably facing 330 Detroit-like crises.＂ The popular economic commentator wrote on his Weibo microblog that the latest statistics released by the National Audit Office（NAO） in June put the average debt of the 36 local governments from which the statistics were drawn,at $17.4 billion.展开更多
文摘China launches an audit as local government debt swells WHEN the city of Detroit filed the largest municipal bankruptcy case in U.S.history,well-known economist Lang Xianping warned that the event was a wake-up call for Chinese cities,saying,＂China is probably facing 330 Detroit-like crises.＂ The popular economic commentator wrote on his Weibo microblog that the latest statistics released by the National Audit Office（NAO） in June put the average debt of the 36 local governments from which the statistics were drawn,at $17.4 billion.
