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 ...
China sowed the seeds of a local government debt crisis in late 2008 when Beijing responded to the global financial turmoil with a stimulus package of four trillion yuan. Unlike the rescue programme for the Asian financial crisis in 1997, which was under the strict control of the central ...
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...
We believe this measure is aimed at managing the country's large local government debt levels. However, the many domestic and international investors that have invested in SOE bonds may get left in the lurch. The move to fiscal conservatism will happen gradually, and only ...
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...
Debt crisis unlikely in China: economist BEIJING, June 15 (Xinhua) -- China has the capability to solve its debt problems and a crisis is unlikely, a prominent economist said Wednesday. China's overall debt is not excessive compared with other countries and its government debt is controllable,...
China'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 increase of firm-level leverage ratio of ...
What is the outlook for local government debt in 2023? Does China’s rising debt indicate a potential crisis in the years to come? How do we evaluate China’s debt sustainability in comparison to other major economies? What is the sustainable...
The rapidly swelling local government debt in China over the past few years are seen by many as a trigger to a credit bubble, or even a full-blown financial crisis. Budget reform, the first critical reform among over 330 reform proposals of the Xi admini
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...