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In Depth: China’s Rising Local Government Bond Risks Spur Policy Changes

By Cheng Siwei and Qing Na
2025年01月15日 13:53
Audits over the last few years show that the projects funded by special-purpose bonds often generate meager returns, raising questions about how localities will be able to pay back the bonds

China’s local governments will have more say in the trillions of yuan of special-purpose bonds (SPB) they issue each year, as the cabinet simplifies approval procedures and expands the areas that the proceeds can be invested in as the country seeks to shore up economic growth.

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