By the Blouin News Business staff

Posts Tagged: local government finance

China’s banks patriotically bail out local governments

by in Asia-Pacific.
A fan of 100 yuan notes
Photo Credit: AFP/Getty Images/Frederic J. Brown

Four trillion yuan ($682 billion) of bank loans made to China’s three top tiers of local government – provinces, municipalities and counties – fell due for repayment at the end of last year. Three quarters of it couldn’t be repaid, the Financial Times estimated last week. That is approaching half a trillion dollars worth of debt. 

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