Chinese Foreign Minister Yang Jiechi said during his visit to Poland that international cooperation is needed to address the increasing risks of debt problems in the United States and Europe.Yang said the escalating debt risks in the United States requires Washington to adopt responsible monetary policies that protect the dollar investments of foreign nations, maintain the global economic recovery and ensure the stable development of the world economy. He added that Europe's sovereign debt problems are also still developing, but China will continue to support the eurozone and the euro. All countries must work to increase communication, coordination and reforms to the global financial system to improve its governance, he said.
China's finance ministry drafted a preliminary plan to allow some provincial and city governments to sell bonds to investors on a trial basis. The drafted plan hopes to boost the repayment ability of local authorities after local government liabilities fell to 7.1 trillion yuan ($1.1 trillion) on June 30 after banks reclassified 2.1 trillion yuan as normal corporate credit with sufficient cash flow to meet obligations.
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