By the end of February, local governments had issued 307.8 billion yuan (US$46 billion) of special-purpose bonds, the majority of which will be used for high-profile infrastructure projects. Photo: Xinhua
China to prevent increase in ‘generally controllable’ hidden debt for cash-strapped local governments
- Finance Minister Liu Kun confirms during the National People's Congress the level of total outstanding government debt for 2018 was US$5 trillion
- Local governments are still seeking ‘illegal’ funding as tax revenues fall due to the slowdown in the economy
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China economy
By the end of February, local governments had issued 307.8 billion yuan (US$46 billion) of special-purpose bonds, the majority of which will be used for high-profile infrastructure projects. Photo: Xinhua