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Coronavirus: China to revive special ‘off-budget bonds’ as pandemic stokes debt dilemma

Summary:
[unable to retrieve full-text content]The Chinese government has found itself in a tough spot. After years of trying to clamp down on the nation’s high level of debt, it is now being forced to watch it balloon again to rescue its coronavirus-stricken economy.But to make sure the extra borrowing does not become a feature of government finances, Beijing is using an accounting sleight of hand to keep a new bond issue “off budget” – and not a part of deficit spending.Still, Beijing must be careful, analysts said, as the additional debt…

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[unable to retrieve full-text content]
The Chinese government has found itself in a tough spot. After years of trying to clamp down on the nation’s high level of debt, it is now being forced to watch it balloon again to rescue its coronavirus-stricken economy.But to make sure the extra borrowing does not become a feature of government finances, Beijing is using an accounting sleight of hand to keep a new bond issue “off budget” – and not a part of deficit spending.Still, Beijing must be careful, analysts said, as the additional debt…

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