At a press conference on Nov. 8, China unveiled a 10 trillion yuan ($1.4 trillion) package for its local governments to deal with their hidden debt, fulfilling Finance Minister Lan Foan’s promise of “the most significant measure introduced in recent years” to tackle the issue.
In Depth: China’s Multitrillion-Dollar Salve for Local Government Hidden Debt
2024年11月26日 21:02
Beijing’s latest $1.4 trillion support package shows there is a lot left to be brought onto balance sheet
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- The problem of hidden debt — borrowings by local governments that don’t show up on their official budgets — had been building up for years in China. Photo: AI generated
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