The growing debt of China has now reached the figure of $ 2,580 billion. It is being seen as a big concern in terms of the slow pace of economic growth of the country.
The country's top legislature has decided that the local government's debt limit should be 21,000 billion yuan.As stated by China's finance ministry, the country's local government debt has been 17,660 billion yuan ($ 2,580 billion) at the end of August.
With the increase in local government debt, economists and regulators are quite worried. Although the total government debt of the country last year was 36.2 percent of GDP, which is lower than the level of most modern economies.
China's President Xi Jinping is pressurizing the local government to reduce the level of debt to reduce the financial risk. But many of them have not been able to overcome this because of their habits.
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