China's debt soars 15%

PEKING (Reuter) - China's foreign debt rose by 15.2 per cent to hit dollars 60.56bn in 1991, with the fastest growth logged by short-term debt, the State Administration of Exchange Control said.

China's long- and medium-term debt increased by dollars 4.48bn to reach dollars 50.26bn, a jump of about 9.8 per cent over 1990. Short-term debt rose by dollars 3.53bn to reach dollars 10.3bn, an increase of 52.1 per cent over 1990.

Short-term debt accounted for 17 per cent of China's overall foreign debt in 1991, up from about 13 per cent in 1990.

The exchange control administration said China's foreign debt service ratio at the end of 1991 was eight per cent.