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Search results for lgfvs

Debt swaps to rejuvenate local governments
4 weeks, 1 day ago

Debt swaps to rejuvenate local governments

China Daily  

CAI MENG/CHINA DAILY On Nov 8, the Standing Committee of the National People's Congress approved an increase of 6 trillion yuan in the local government special bond ceiling to replace outstanding hidden debt — or liabilities of local governments that are not officially recorded. Local governments will be eligible for local government special bonds worth another 4 trillion yuan over …

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Debt swaps to rejuvenate local governments
4 weeks, 1 day ago

Debt swaps to rejuvenate local governments

China Daily  

By Luo Zhiheng | China Daily | Updated: 2024-11-25 09:58 CAI MENG/CHINA DAILY On Nov 8, the Standing Committee of the National People's Congress approved an increase of 6 trillion yuan in the local government special bond ceiling to replace outstanding hidden debt — or liabilities of local governments that are not officially recorded. Local governments will be eligible for …

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China unveils new ‘hidden debt’ scheme for local governments
1 month, 2 weeks ago

China unveils new ‘hidden debt’ scheme for local governments

Hindustan Times  

China has unveiled an ambitious plan to relieve public debt, aiming to turn local governments away from belt-tightening practices that have exacerbated a domestic downturn. Policymakers approved a proposal to swap six trillion yuan of hidden debt belonging to local governments for official loans with more favourable terms. Policymakers gathered in Beijing this past week approved a proposal to swap …

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How China plans to cut hidden debt in massive shakeup
1 month, 2 weeks ago

How China plans to cut hidden debt in massive shakeup

New Indian Express  

SHANGAI: China has unveiled an ambitious plan to relieve public debt, aiming to turn local governments away from belt-tightening practices that have exacerbated a domestic downturn. Policymakers gathered in Beijing this past week approved a proposal to swap six trillion yuan of hidden debt belonging to local governments for official loans with more favourable terms. Much of local governments' hidden …

China Debt Local Governments Hidden Hidden Debt
China’s stimulus falls short, as a showdown with Trump looms
1 month, 2 weeks ago

China’s stimulus falls short, as a showdown with Trump looms

Live Mint  

ECONOMIST SOMETIMES say that China suffers from the three Ds: debt, deflation and poor demographics. Lan Fo’an, China’s finance minister, said that local governments would be allowed to issue extra bonds worth trillions of yuan to replace riskier “hidden" debts. These hidden liabilities typically belong to local-government financing vehicles, quasi-commercial infrastructure firms Hidden debts have been a nagging worry for …

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The $2 trillion interest bill that’s hitting governments
1 year, 1 month ago

The $2 trillion interest bill that’s hitting governments

Live Mint  

The world spent the past decade-plus taking advantage of rock-bottom interest rates to binge on debt. Governments are expected to spend a net $2 trillion paying interest on their debt this year as higher interest rates make borrowing more expensive, up more than 10% from 2022, according to an analysis of International Monetary Fund data by research consulting firm Teal …

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PBOC may take steps on local govt debt strain
1 year, 1 month ago

PBOC may take steps on local govt debt strain

China Daily  

China's central bank is likely to provide low-cost funding for commercial banks assisting certain local governments in addressing their debt strain, underlining the country's growing emphasis on defusing local government debt risks, experts said. Their comments echoed the remarks of Pan Gongsheng, governor of the People's Bank of China, who said in a China Central Television interview on Friday that …

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PBOC to provide emergency liquidity support in necessary circumstances
1 year, 1 month ago

PBOC to provide emergency liquidity support in necessary circumstances

China Daily  

The People's Bank of China. The People's Bank of China, the country's central bank, will provide emergency liquidity support for local governments facing relatively heavy debt burden when necessary, said Pan Gongsheng, governor of the PBOC. Overall, China's size of government debt is on the lower-middle end globally, Pan said on Wednesday at the opening ceremony of the Annual Conference …

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Why LGFV Debt Is a Growing Risk for China’s Economy
1 year, 6 months ago

Why LGFV Debt Is a Growing Risk for China’s Economy

Bloomberg  

Cracks are showing in a pillar of China’s debt market known as local-government financing vehicles, or LGFVs. With many local authorities facing cash-flow problems due to the country’s real estate crisis, there are growing concerns Bloomberg Terminal about this $9 trillion market — prompting the government to take steps to effectively bail out weaker issuers and avert a credit crunch. …