Local governments across China have been rushing to implement a debt-resolution plan outlined by the Politburo in July that involves defusing the debt risks of their financing vehicles and bringing hidden liabilities out of the shadows and onto their official books.
In Depth: Local Governments Struggle to Tackle Mountain of Hidden Debt
2024年03月20日 20:46
Progress has been slow as many authorities experience difficulties in refinancing the borrowings of their financing vehicles and banks worry about potential bad debts
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- The Politburo has vowed to formulate and implement a comprehensive strategy to resolve local government hidden debts, which have accumulated to as much as 70 trillion yuan by some estimates. Photo. AI
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