Sep 28, 2023 04:00 AM
ECONOMY
China’s Inner Mongolia to Borrow $9 Billion to Pay Bills Owed to Businesses
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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.
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