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China debt: ‘under pressure’ local governments racked up US$2.3 trillion in hidden debt last year

Summary:
[unable to retrieve full-text content]China’s local governments had 14.8 trillion yuan (US.3 trillion) of hidden debt last year, and the figure could climb even further this year, according to a government-linked think tank.Local governments were under pressure to increase infrastructure investments and shore up growth through the coronavirus pandemic, leading to a 6 per cent rise in off-budget borrowing from a recent low of 13.9 billion yuan (US.1 trillion) in the third quarter of 2019, according to Liu Lei, a senior…

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[unable to retrieve full-text content]
China’s local governments had 14.8 trillion yuan (US$2.3 trillion) of hidden debt last year, and the figure could climb even further this year, according to a government-linked think tank.Local governments were under pressure to increase infrastructure investments and shore up growth through the coronavirus pandemic, leading to a 6 per cent rise in off-budget borrowing from a recent low of 13.9 billion yuan (US$2.1 trillion) in the third quarter of 2019, according to Liu Lei, a senior…

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