Top lawmakers amended the budget law, allowing local governments to raise funds directly through bond issue to finance public projects. However, local government is not allowed to sell bonds to finance day-to-day expenditure.
The revision has solved the problem of borrowing money for local governments, Finance Minister
There were some new borrowings and repayment of old debts, but the overall size has not expanded obviously, Lou said. The overall risks are under control, he added.
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