Asia Sentinel

Asia Sentinel

China Bails Out Local Governments

Our Correspondent
Mar 07, 2013
∙ Paid
Share

China's State Council has acted to bail out to local governments which have racked up at least 10.7 trillion yuan (US$1.69 trillion) in debt steered through covert "financing vehicles" to finance a wave of development spending on empty housing complexes and over-developed infrastructure.

In the 2013 budget, the State Council granted 350 billion yuan in l…

Keep reading with a 7-day free trial

Subscribe to Asia Sentinel to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Asia Sentinel
Publisher Privacy
Substack
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture