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China debt: local government default risk grows as authorities struggle to repay credit

Summary:
[unable to retrieve full-text content]China’s regional economies are under growing pressure to meet debt repayments after a years-long spending spree, as trillions of yuan worth of credit is set to mature next year, according to analysts.A series of recent defaults by state firms that count local governments as majority shareholders have raised doubts over the ability of some authorities to pay back debt, including off-balance sheet borrowing through so-called local government financing vehicles (LGFVs). The risk of default has…

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[unable to retrieve full-text content]
China’s regional economies are under growing pressure to meet debt repayments after a years-long spending spree, as trillions of yuan worth of credit is set to mature next year, according to analysts.A series of recent defaults by state firms that count local governments as majority shareholders have raised doubts over the ability of some authorities to pay back debt, including off-balance sheet borrowing through so-called local government financing vehicles (LGFVs). The risk of default has…

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