CHINA’S TOP AUDITOR WARNS NPC OF GROWING GOVERNMENT DEBT

BEIJING - Liu Jiayi, Auditor-General of the National Audit Office (NAO), has warned the Standing Committee of the National People's Congress (NPC) of risks threatening economic development, calling for better management of finances and State-owned assets, as well as the sound implementation of macro-economic policies. Liu emphasised growing Government debt as an issue, with debts owed by provincial-level governments rising sharply to RMB3.85 trillion in 2012, according to an NAO report submitted to the NPC. Large Government debts will affect economic growth, a major reason why many banks have cut growth estimates for the nation this year from 8% to below 7.5% on average.