China orders audit of all state debt to reduce deficit

China’s National Audit Office will conduct an audit of all government debt at the request of China’s State Council or cabinet, it said in a statement on Sunday, underlining concern over rising debt levels in the world’s second biggest economy.
The audit office, responsible for overseeing state finances, made the announcement in a one-sentence item on its website, but gave no details on the audit.  The official People’s Daily newspaper said separately on its website, citing unidentified sources, that an urgent order for the audit was issued on Friday.