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.
China Bails Out Local Governments
China Bails Out Local Governments
China Bails Out Local Governments
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.
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