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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World China local governments loan default fears AFP - 1 hour 21 minutes ago Send IM Story Print China local governments loan default fears Slideshow: Full Photo Coverage: Business & Economy SHANGHAI (AFP) - – About two trillion yuan (300 billion dollars) in loans to Chinese local governments are at serious risk of default, an investigation published in state media warned on Thursday. The government probe found that around 26 percent of the 7.66 trillion yuan lent to local authority finance vehicles by the end of June were in danger of going bad, said a report in the official China Securities Journal. The China Banking Regulatory Commission said in July that authorities would carry out spot checks at commercial banks in the third quarter to ensure banks could cope with potential non-performing loans. The agency said at the time Chinese banks were capable of withstanding the risks. However, the latest figures were slightly higher than previous estimates that about 23 percent of local government debt faced default risks. Sufficient repayments were being made on only 24 percent of the total debt owed by local government financing vehicles, the newspaper said, citing the investigation. About half of the total loans went to projects that are now unable to fully meet repayments, which must now be covered by local governments or with collateral. The remaining 26 percent of the money went to projects that failed to meet regulations, faced "serious default risk", or was embezzled, the report said. The probe showed policy banks extended about 30 percent of the total 7.66-trillion-yuan debt to local government financing vehicles, large state commercial banks issued 40 percent and smaller banks provided the rest. Chinese banks lent huge amounts to provincial financing vehicles for construction projects last year after Beijing called for nationwide efforts to spur the economy. The country has powered out of the global crisis on the back of a stimulus package worth four trillion yuan and the state-backed bank lending, which saw new loans nearly double from the previous year to 9.6 trillion yuan in 2009. The lending spree raised concerns in Beijing over a possible new crop of bad loans that could derail the world's second largest economy. Recommend Send IM Story Print Related Articles Fashion giant Prada eyeing Hong Kong IPO: report AFP - 23 minutes ago Japan JX to restart Negishi No.4 CDU Fri as planned Reuters - 28 minutes ago Bank Dhofar Q3 profit up 5 pct, below forecasts Reuters - 31 minutes ago JGBs flat to weaker; Nikkei rally offsets solid sale Reuters - 32 minutes ago Rio Tinto strikes iron ore production record AFP - 34 minutes ago News Search Top Stories 'Bandit' Obama billboard sparks storm in US city OPEC set to maintain official oil output Hero's welcome in Lebanon for Iranian leader Time to find a second Earth, WWF says In Chile mine accident, 33 is lucky number More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Time to find a second Earth, WWF says Chile mine rescue operation begins Standard Chartered to raise 3.3 billion pounds 'No risk' of currency war: Geithner Lacklustre England held by minnows Montenegro More Most Viewed » Too much TV psychologically harms kids: study Workers swarm Europe's streets in anti-cuts protests British lottery winner gets record 129 mln euros 'A billion people' go hungry in 2010: report More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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