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China’s local government debt burden may be 3.5 trillion yuan (540 billion U.S. dollars) than auditors estimate, Reuters reported Monday citing a Moody report.

The tightening measures aimed to regulation overall liquidity would remain unchanged, while areas such financing for small and medium-sized companies, auto industries, and capital chains for local funding vehicles will see a loosening in polices somewhat.

China's official Purchasing Managers' Index dipped to 50.9 percent in June from 52.0 in May; HSBC PMI dropped to 50.1 from May's 51.6.

Shanghai Shenhong Investment & Development Co., Ltd is facing default on its debts, with nearly 1 billion yuan of liquidity coming due.

Full article in Chinese: http://www.caijing.com.cn/2011-06-29/110760167.html

Chinese Premier Wen Jiabao said Tuesday that China will ocntinue buying into a certain amount of European sovereign debts when necessary.

Pork prices in China jumped again the recent week ending June 26, raising further concerns over the rising inflation in the country.

Full article in Chinese: http://www.caijing.com.cn/2011-06-28/110758530.html

Full article in Chinese: http://www.caijing.com.cn/2011-06-28/110758475.html

Although the size is still manageable, Beijing needs to take immediate action to restructure these debts to mitigate defaulting risks.

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