China are reportedly reviewing a bill to raise local government debt ceilings ...Middle East

The move here is to largely deal with "hidden debt" or what is intricately known as debt arising from local government financing vehicles (LGFV). These are off-balance sheet debt that are incurred by local governments to finance big projects and infrastructure. For some context, local governments in the past were not allowed to sell bonds and so resorted to establishing LGFVs to raise funds.*coughs* And surprise, surprise. That didn't turn out too well. As of last year, IMF estimated China's "hidden debt" to be around above ¥60 trillion. That translates to roughly half of the country's GDP. Danger, danger.And with China's property sector imploding in recent years, that has impacted revenues

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China are reportedly reviewing a bill to raise local government debt ceilings ...Middle East

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