Sep 28, 2023 04:00 AM

ECONOMY

China’s Inner Mongolia to Borrow $9 Billion to Pay Bills Owed to Businesses

By Cheng Siwei and Denise Jia

00:00

00:00/00:00

Listen to this article 1x

Bank of China estimated that back payments owed to small and midsize businesses by large companies, local governments and other entities reached at least 6.7 trillion yuan ($104 billion) in 2021.

Bank of China estimated that back payments owed to small and midsize businesses by large companies, local governments and other entities reached at least 6.7 trillion yuan ($104 billion) in 2021.

The government of China’s Inner Mongolia autonomous region plans to issue 66.3 billion yuan ($9 billion) of refinancing bonds Oct. 9 to pay off debts owed to businesses, authorities said Monday.

It will be the first borrowing by a local government to make overdue payments to private businesses in response to a State Council directive Sept. 20. China’s cabinet ordered state-owned enterprises (SOEs) and provincial-level governments to pay their debts to businesses.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: China Celebrates Golden Week

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio

00:00

00:00/00:00

MOST POPULAR

1: Caixin Explains: What China’s New Five-Year Plan Says About the Economy

2: In Depth: The Vast Funding Network Outside Vanke

3: Nexperia China Vows Stability as Dutch Freeze Sparks Global Supply Concerns

4: CX Daily: The Vast Funding Network Outside Vanke

5: Analysis: How Tech Self-Reliance Shapes China’s New Five-Year Plan

SPONSORED

OR