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Caixin Explains: How and Why China’s Local Government Debt Got So Big

2019年04月16日 19:14 来源于 财新网
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The fiscal overhaul of 1994 and a ban on local governments raising money by selling bonds have contributed to today’s debt mountain
A newly built civil airport in Dongying, East China's Shandong province on March 23. Photo: IC

Most governments around the world are in debt, but the problem in China has been a major risk flagged by economists and multilateral institutions like the International Monetary Fund (IMF) for several years.

Two big concerns in China are — first, the speed at which local government debt has grown since the global financial crisis began in 2008, and second, the unknown scale of the liabilities hidden off-balance sheet in local government financing vehicles (LGFVs).

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