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
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

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
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
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