Local govt debt risk 'is under control'

Authorities have enough assets to repay, finance ministry says

BEIJING - Local government debt is "controllable", the Ministry of Finance said on Monday, easing fears that bad loans could derail the world's second-largest economy.

"Judging from the audit results, local government debt is, generally, controllable, though there are potential risks in some areas," the ministry said in a statement posted on its website.