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In Depth: The Never-Ending Battle to Curb China’s Hidden Debt

2021年09月15日 16:29 来源于 财新网
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Lenders ordered to close loopholes that are allowing local governments and their financing vehicles to skirt borrowing limits
A bridge in Southwest China’s Guizhou province on Friday. Photo: VCG

Regulators are once again playing whack-a-mole to stamp out practices local government financing vehicles (LGFVs) are employing to evade efforts to curb their borrowings.

Having loosened the reins on local government debt last year to help the economy recover from the impact of the Covid-19 pandemic, authorities this year have resumed their long-standing campaign to control and defuse financial risks. One of their main targets is hidden local government debt and in particular the borrowings of the financing vehicles they control, typically local state-owned investment companies.

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