BEIJING -- Following are some quotes on preventing and solving local government debt risks from Yang Xianming, a political advisor and professor with Yunnan University, at the annual session of the Chinese People's Political Consultative Conference (CPPCC) National Committee on Friday:
-- Preventing and solving China's local government debt risks is not only a necessary but pressing task.
-- Uncontrolled expansion of local government debt is a result of local fiscal deficit and a lack of legal supervision and regulatory restrictions.
-- China should form a mechanism to guarantee basic financial resources for local governments and stop local governments from transferring debts. The government should also works to improve decision-making procedures on borrowing at local level, and enhance management over local government debts.
-- Chinese local governments saw debts rise to 10.7175 trillion yuan (1.7 trillion U.S. dollars) by the end of 2010 with a 52.25 percent debt ratio, compared with 299.482 billion yuan in 1997.
