China Implements Debt Swap Program to Reduce Hidden Local Government Debt
A program has begun in China that allows local governments to exchange “hidden debt” for low-interest bonds. The aim is to reduce the risk of public off-the-books debts, including debts of financing vehicles (LGFVs) called “Local Financing Platforms.” On the 27th, the government-affiliated newspaper Shanghai Securities News reported that the Inner Mongolia Autonomous Region had … Read more