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China moves to regulate "speciality towns" amid debt fears

Reuters  |  BEIJING 

BEIJING (Reuters) - Top Chinese central government bodies issued guidelines on Tuesday to regulate the development of "speciality towns" that have sprung up across the country, warning that the projects risk intensifying local government debt.The government has actively promoted the development of "speciality towns" - hamlets of a few square kilometres dedicated to unique local industry ranging from eco-tourism to painting and pottery - in a bid to find cleaner and more sustainable growth outside major cities. More than 400 locations have been approved as "speciality towns" by the housing ...

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First Published: Tue, December 05 2017. 16:20 IST