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Top Stories of the Month: Chinese Local Governments Risk Replicating Mistakes of LGFVs

Published: Nov. 28, 2025 7:12 p.m. GMT+8

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In Depth: Chinese Local Governments Risk Replicating Mistakes of LGFVs

Localities have created thousands of ‘culture and tourism’ investment companies, with some designed to shift their traditional financing vehicles onto a market-oriented footing and sidestep borrowing limits

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