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China's local government debts should be the real worry

Beijing can cope with coming credit crunch if it loosens grip on markets

| China
Tsinghua Unigroup, a chipmaker backed by Tsinghua University, has faced investor skepticism over its finances for more than a year.   © AP

Diana Choyleva is chief economist of Enodo Economics, a macroeconomic and political forecasting company in London.

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