Local Officials Threaten Banks Reluctant to Keep Lending
Keep the loans coming or we’ll report you for corruption.
That’s what officials from the central Chinese city of Changde recently told local banks reluctant to continue lending to local government financing vehicles (LGFVs), Caixin has learned from multiple sources.
Specifically, the officials threatened that the Changde government would report information about alleged misconduct at the banks to the local anti-corruption watchdog, Caixin has learned.
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