Why Chinese Local Governments Are Issuing So Few Bonds

Something strange is going on with China’s local governments. President Xi Jinping recently declared local government debt to be one of the greatest threats to the country’s financial stability, and over the last 12 months, Beijing has unleashed a wave of regulations to try to rein it in. And yet, based on official data, local governments appear to be a model of fiscal rectitude. Far from engaging … http://bit.ly/2ytrqVr

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