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70% local govt debts yielding returns: Premier

Updated: Mar 15,2015 12:20 PM     Xinhua

BEIJING — More than 70 percent of China’s local government debts are in the form of investment which have good prospect of yielding returns, Premier Li Keqiang said on March 15.

Li made the remarks at a press conference after the conclusion of the annual session of the National People’s Congress, China’s top legislature, in response to a question on financial risks in the world’s second largest economy.

Reassuring the market, the Premier said China is capable of preventing systemic or regional financial crises while allowing market-ruled liquidation in individual and isolated cases.