Thu 09/14/2023 06:28 AM
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China is drafting plans to allow local governments to raise about CNY 1 trillion to CNY 1.5 trillion through special refinancing bonds, as the central government looks to address concerns around the country’s estimated CNY 65 trillion ($8.928 trillion) in off-balance-sheet local government debt, also referred as “hidden debt”, according to four sources familiar with the matter.

The country’s leaders had pledged to formulate “a basket of plans” to resolve risks stemming from local government...
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