China Broadens Program Bringing Local Debt Out of Hiding

More local Chinese governments are applying to swap their hidden, short-term, high-interest debt for lower-cost, longer-term government bonds as authorities attack trillions of dollars of hidden liabilities across all levels of government.

Provincial governments of Fujian, Guizhou, Yunnan, Jiangxi and Guangzhou kicked off work for some municipal and county-level governments to apply for inclusion in a national pilot program to defuse local government debt risks.