China has $84bn of government debt irregularities

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Source: BBC

China's National Audit Office has found $84bn of irregularities in the government debts. The irregularities include irregular collateral and credit guarantees. The incident raised worries over the amount of bad debts held by the government. Figures showed bad debts totaled $1.7tn in 2010. Currently, the State Council plans to review the debt management practices to reduce the fiscal risks.

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