In Depth: Local Governments Struggle to Get On Top of Their Hidden Debt
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Tackling the mountain of hidden debt accumulated by China’s local governments is, once again, at the top of the political agenda as the economy gets back on track after a three-year pummeling from the Covid-19 pandemic.
Concern about the risks to the financial system and the sustainability of local government finances from trillions of yuan of invisible liabilities has stretched to the pinnacle of policymaking.
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