China’s new playbook for indebted regions is remedy but no cure

Quick Summary:

China’s central government is finally devising a fix for a regional fiscal crisis that will hinge largely on the ability of local authorities to unleash consumer spending.

The resolutions also doubled down on calls to resolve “hidden debt risks,” which usually refers to borrowing by off-balance sheet entities affiliated with local governments.

The financial formula indicated by top officials consists of a series of changes that would give local authorities more money and control over taxation, according to the resolutions announced Sunday after the conclusion of the twice-a-decade Third Plenum.

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Article Details

Author / Journalist: BusinessMirror

Category: BusinessStartups

Markets: PhilippinesAustraliaChinaNew Zealand

Topics: Consumption Government Debt Spending Local Governments China’s “the Last Income Economist

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 11:09:37 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 726 words

Reading Time: 5 minutes read

Sentences: 19 lines

Sentence Length: 39 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 21751088

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Official Website: businessmirror.com.ph

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