Local government debt is now so unwieldy in China that some desperate district governments have turned to the private sector for help to pay their employees.
See Kyle Bass: China Could See ‘Full-Scale Recession’ Next Year
The Chinese language magazine of state-run Xinhua news agency reported on Friday that the city of Ordos, in northern China’s Inner Mongolia, has accumulated almost six and a half times its annual revenue in debt—or 240 billion yuan ($39 billion). Some of the city’s districts have borrowed from...
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