Tag: Local politics

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China to Clean Up Billions Worth of Local Debt

Beijing is to take on some 2-3 trillion yuan of local government debts according to Reuters, hoping to stave off a wave of destabilising defaults in the future.As part of Beijing’s overhaul of the finances of heavily-indebted local governments, the central government will pay off some of their loans and state banks including some of the “Big Four” will be forced to take some los