online.wsj.com - 6/29/2009
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The People's Daily newspaper has warned China's banks about the risks of loans they are pouring into state infrastructure projects, calling into question the safety of debt backed by local governments around the country.
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A Twist on Financial Woes - Risky China Bank Loans
ZachStocks —
... But this weekend an article appeared in the People’s Daily warning that China bank loans made to local governments could face risk of default based on the municipality level rather than holding the full faith and credit of the China government. According to the Wall Street Journal article, the weekend piece “calls into question the safety of billions of dollars of debt backed by local governments country-wide.” ...
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