BEIJING: China has begun a fresh round of nationwide inspections to work out how much money local governments owe, according to people familiar with the matter, a sign that authorities are preparing to take concrete steps to tackle a key financial risk.
Local officials will be pressed to come clean about their so-called hidden debt as national leaders attempt to get a fuller picture of liabilities across all levels of government, the people said, asking not to be named discussing private information. The campaign is being led by the Ministry of Finance.
