China kicks off RM6.12t in fiscal support with local government debt swaps

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China kicks off RM6.12t in fiscal support with local government debt swaps - Malay Mail

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BEIJING, Nov 8 — China kicked off a fresh round of fiscal support today for its sputtering economy with a package that e...

The International Monetary Fund estimates debts of LGVFs amounted to 60 trillion yuan at the end of 2023, or 47.6 per cent of GDP.

LGFVs’ debt pile — including loans, bonds and shadow credits — are seen as a growing source of systemic risk in China’s financial system, especially in a shaky economy.