Strained Finances, Strained Relationships
An audit of local government is nearing an end. Despite repeated pledges from the central government that local governments debts are within a controllable level, one cannot help but worry about the results of the audit.
Three years have passed since the central government started to contain the expansion of local borrowing. Some local government financing platforms were banned from taking out bank loans, and local governments find it increasingly difficult to raise funds. This situation can only deteriorate.
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