How China’s hidden debt risk ‘comes from its system’, and why local governments are beholden to Beijing
China’s zero-Covid policies and post-pandemic push for self-sufficiency have strained finances at local levels, pushing debt sky high this year, with little help from the central government
Some say Beijing is reluctant to change China’s fiscal structure because it gives leaders greater financial control over the provinces
https://www.scmp.com/economy/china-economy/article/3229284/how-chinas-hidden-debt-risk-comes-its-system-and-why-local-governments-are-beholden-beijing?utm_source=rss_feed #china #economy #DebtRisk #LocalGovernments