Overview of the Changde city of Hunan province in China. Photo: Frank Tang

China local governments forced to rob Peter to pay Paul to honour rising debt mountain

  • China’s had 18.4 trillion yuan (US$2.74 trillion) worth of local government debts at end of 2018, equivalent to 20 per cent of nominal gross domestic product
  • Researchers estimate that true government debt level in China may have reached 92 per cent of GDP in 2017 if implicit liabilities were considered
Topic |   China economy

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Overview of the Changde city of Hunan province in China. Photo: Frank Tang
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