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3Novices:How a city’s borrowing practice highlights China’s daunting financial risks

China’s finance ministry was technically correct when it reacted to a sovereign debt rating downgrade in May by saying the debts of local government financing vehicles (LGFVs) and state-owned enterprises would not swell the government’s contingent liabilities.
But on the ground, where it’s practically impossible to separate the debts of China’s tens of thousands of LGFVs from local authorities themselves, the situation is very different. Local government debt remains a…
July 10, 2017 at 11:10AM http://ift.tt/2sVaQ1G
#3Novices #News #OnlineMedia #China 3Novices China

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