Restructuring local government debt is crucial for China's economic revival: Ray Dalio

The debts of China’s local governments are vast – 93 per cent of gross domestic product, according to International Monetary Fund figures. Observers say the IMF numbers are probably an underestimate, and are still rising. Ray Dalio, founder of investment management firm Bridgewater Associates, says China’s real estate debt issues and local government debt problems have not been dealt with adequately. He tells CNA’s Roland Lim on the sidelines of Milken Institute's Asia Summit that restructuring local government debt is crucial for China's economic revival.

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