Auditors Flash Warning Light Over Local Governments’ Hidden Debts

*Auditors in the provinces of Zhejiang, Jiangsu, Shandong and Henan have raised concerns about lower-level government’s off-balance-sheet debts in their 2018 reports

*Auditors in Zhejiang said some localities are taking on new debt to repay old obligations, while those in Jiangsu said some governments delayed planning how to resolve their off-balance-sheet debts because of scheduling issues