For example, the New York Times plastered the sensational headline "China's cities are buried in debt," and the Economist claims that "China's cities are on the verge of a debt crisis."Chinese local government debt includes outstanding local government bonds and bank loans, and bonds issued ...
Tax system changes and the global financial crisis have spurred excessive borrowing, while state owned enterprises have squeezed out the private sector. China will need to take measures to ensure that its local government debt do...
According to the instructions of the central economic work conference, the debt of local governments will be strictly controlled next year. This is a necessary task to prevent a new round of debt accumulation, but the Chinese government still needs to provide supporting programs for financing huge ...
This comprises one-third of China's total debt (excluding government direct debt, but including household and corporate borrowing). It is a massive volume to which onshore and offshore investors are exposed. Local governments racked up debt during the COVID crisis to stimu...
Local government debt soared during an investment and construction binge following the global financial crisis in 2008. Debt-for-bond swaps are one of the mechanisms introduced to reduce that burden. The National Audit Office said in a report earlier that local government debt is under control, bu...
China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have rolled out a string of measures including the debt-for-bond swap to reduce the local debt burden. ...
local government financing vehicleH32H74E62L60China's local government debt financing has been expanded aggressively to support infrastructure investment, especially since the enactment of four-trillion-yuan stimulus plan to stimulate the economy post global financial crisis. At the same time, the rapid...
The government has launched a slew of policy measures in recent months to shore up a feeble post-pandemic economic recovery impacted by a property crisis, local government debt risks, slow global growth and geopolitical tensions. The central bank has delivered modest interest rate cuts and ...
BANGKOK (AP) — A Hong Kong court’s order to liquidate China Evergrande, the world’s most heavily indebted real estate developer, is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. Evergrande owes $340 billion to...
INACCURATE articles sometimes appear in the Western media claiming China faces a “severe debt crisis.” Factually these are easily refuted. Changyong Rhee, the IMF’s Asia and Pacific Department director, recently pointed out that China’s national and local government debt is only 53 percent of...