Shanghai government reduces its debt

Updated 2017-01-20 10:05:47 Shanghai Daily

Shanghai's local government debt declined in 2016 for the second consecutive year, the city's finance bureau said.

The outstanding debt of the Shanghai government fell to 448.55 billion yuan (.3 billion) by the end of last year, down from 488 billion yuan in 2015.

The figures were released by the Shanghai Municipal Finance Bureau in the government budget report to the city's People's Congress.

In 2016, the Shanghai government issued bonds of 220 billion yuan, of which 50 billion was new debt and 170 billion was extension of outstanding debts.

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