Pauline Loong, senior vice president and political analyst at CIMB Securities (HK) Ltd., talks about China’s local government debt.   Loong also discusses China's economy and central bank monetary policy. China raised benchmark interest rates for the third time this year, adding to efforts to cool the world’s fastest-growing economy after inflation accelerated to the quickest pace since 2008. Loong speaks with John Dawson on Bloomberg Television's "First Up."