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China finds $84bn local government debt irregularities

National Audit Office said breaches included “irregular credit guarantees”, “irregular collateral” and “fraudulent and underpayment of registered capital”.

There are growing concerns about the amount of bad loans being held by local governments.Official figures show they held debt of 10.7tn yuan ($1.7tn; £1.1tn) in 2010.

“The State Council is studying proposals to enhance local government debt management and to address fiscal and financial risks,” the audit office said in the report.
‘Again and again’
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A lot of the local debt will be absorbed by the central government”
Michael Pettis Peking University

Local governments have been borrowing money from Chinese banks to fund projects aimed at maintaining economic growth.

According to the China Banking Regulatory Commission, local governments took up 80% of total bank lending in China at the end of 2010.

However, analysts said that although the lending had helped to spur investment and boost growth, it was now weighing on local governments.

“Whenever you look at lending that spurs growth miracles, it starts off with an increasing ability to pay the debt,” Professor Michael Pettis of Peking University told the BBC.

“But in every case that ability fades. That is the process that is happening in China,” he explained. “We are going to see stories like this again and again.”
Easing burden?

In October last year, China allowed four local governments to sell bonds for the first time in 17 year. It was hoped the sale would help them pay their loans.

However, the central government put a limit on the amount of bonds the local governments could issue despite the fact that there was a lot of interest among investors.

According to the Xinhua news agency, Shanghai’s bond sale received bids for three times the amount of bonds on offer.

As a result, many of the local governments still have sizeable debts and while the central government may let them raise money, it may also have to take further measures to solve the problem, analysts said.

“A lot of the local debt will be absorbed by the central government,” said Mr Pettis of Peking University.

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Malaysia cottage version of McDonald’s restaurants sued lost the case, and reparations

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“Michael Curry” boss Su Phi ach (left) and his wife Kana Jie Si Wali plan to expand business

Malaysia cottage version of McDonald’s restaurants sued lost the case, and reparations

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BEIJING, September 9 Xinhua McDonald’s (McDonald’s) through a variety of legal means to try to protect its trademark against “Michael Curry” (McCurry) violations. Now, the three-judge panel ruling the plaintiff loses McDonald’s, McDonald’s will have to pay, “Michael Curry,” Ma 10000 yuan (2900 U.S. dollars).

According to Hong Kong Network reported that the Grand Duke, “Michael Curry,” the official name is “Malaysian Curry Chicken” (Malaysian Chicken Curry), a well-known local curry shops, in addition to curry chicken, but also the sale of the head curry and other foods.

But since “Michael Curry,” the beginning of the English name of the “Mc”, and McDonald’s similar, but there are similar mark, and are therefore McDonald’s that “Michael Curry” violation of the group’s trademark.

“Michael Curry,” is located in Kuala Lumpur in a corner, a small restaurant there is a big sign, which 24 hours of business are selling curry dishes. McDonald’s accused of “Michael Curry,” deliberately designed to put the name and signature similarity with McDonald’s. Michael Curry lawyer Devi. Nair said that the ruling means the McDonald’s on the prefix “Mc” does not own the patent, but also mean that other restaurants can also use it, as long as their food and McDonald’s not the same.

Michael Curry boss Su Phi Aach said: “We are greatly relieved. We hope to expand its operations. Outset, we wanted to do, but we are being blocked eight years.” Su Phi A scared wife Kanajiesi Warri, said: “I am very happy. We do not have anything similar with them. We have been convinced of that.”

McDonald’s has 185 outlets in Malaysia, which in case of infringement lawsuits in the 2001 war, which in 2006 ruled that McDonald’s High Court of Malaysia wins the case, determined that “Michael Curry” relating to infringement, must sign the word remove in the wheat; “Michael Curry “shopkeepers claimed that they sign on the wheat, that is, Mc-letter word in English is a Malaysian chicken abbreviation for the court’s decision, they refused to accept the appeal to the Court of Appeal.

The Court of Appeal had ruled in April this year, “Michael Curry,” won the case, overturned a 2006 High Court ruling as McDonald’s, and have no right to exclusive with “wheat” as the beginning of the word name, and “Michael Curry” signs are pale red background characters, the image of a chick with a smile put up two thumbs, and McDonald’s red and yellow “M” sign is entirely different. In addition, the wheat curry only sell Indonesian food, rather than compete with McDonald’s Western-style recipes. McDonald’s asked a federal court to allow the company to appeal the Court of Appeal’s decision, but in Tuesday rejected.

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