China’s debt-laden local governments pose challenges to economic growth, financial system 中国负债累累的地方政府对经济增长、金融体系提出了挑战
https://www.reuters.com/world/china/debt-laden-local-governments-pose-fresh-challenges-chinas-growth-financial-2023-03-10/ As debt obligations mount, some local governments are pushing banks to extend maturities and cut interest rates, sources said. Local Government Financing Vehicles (LGFVs) have 5.5 trillion yuan ($790 billion) worth of onshore bonds coming due this year, the highest since 2021, according to Fitch. A sharp drop in income from mainstay land sales […]