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China’s private firms demand tighter oversight of local governments as virus causes spike in late payments

Summary:
[unable to retrieve full-text content]China should establish a system to monitor the finances of cash-strapped local governments that fail to pay private businesses on time, fed up company executives say, a problem that is growing worse as the coronavirus ravages the economy.Governments with low creditworthiness scores could be punished, and jurisdictions banned from starting new projects, according to the proposals.Tax cuts to support growth and higher spending to combat the coronavirus pandemic have caused a spike in delayed…

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[unable to retrieve full-text content]
China should establish a system to monitor the finances of cash-strapped local governments that fail to pay private businesses on time, fed up company executives say, a problem that is growing worse as the coronavirus ravages the economy.Governments with low creditworthiness scores could be punished, and jurisdictions banned from starting new projects, according to the proposals.Tax cuts to support growth and higher spending to combat the coronavirus pandemic have caused a spike in delayed…

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