China\u2019s central government has rolled out a new round of measures since the second half of last year to help local governments swap or restructure their off-the-books borrowing in a bid to control debt risk.<\/p>\n
However, the sheer scale of the country\u2019s local government hidden debt \u2014 up to more than 70 trillion yuan ($9.8 trillion)<\/strong> according to some estimates, more than twice Germany\u2019s GDP \u2014 means that the measures at best are far inadequate and will provide only temporary relief to what experts say is a looming liquidity crisis for regional authorities….<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"Local governments make extensive use of local government finance vehicles (LGFVs) to conceal debt and present a healthy balance sheet. The hidden debt presents a major risk for central government as the economy threatens a debt-deflation spiral. From Caixin Global, March 14 2024: China\u2019s central government has rolled out a new round of measures since … <\/p>\n
Continue reading “Why China\u2019s efforts to resolve hidden government debt could fall short | Caixin Global”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,45],"tags":[663,2135,5643],"class_list":["post-49889","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-debt-levels","tag-china","tag-local-government","tag-local-government-financing-vehicles-lgfvs"],"yoast_head":"\nWhy China\u2019s efforts to resolve hidden government debt could fall short | Caixin Global - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why China\u2019s efforts to resolve hidden government debt could fall short | Caixin Global - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Local governments make extensive use of local government finance vehicles (LGFVs) to conceal debt and present a healthy balance sheet. The hidden debt presents a major risk for central government as the economy threatens a debt-deflation spiral. 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Local Government Local governments owe some 49 trillion yuan (about $7 trillion\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37790,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/09\/28\/china-hurts-base-metals\/","url_meta":{"origin":49889,"position":1},"title":"China’s local government pain","author":"Colin Twiggs","date":"September 28, 2022","format":false,"excerpt":"Our recent post on China's House of Cards described how local government bodies to support the collapsing real estate market and ensure and orderly unwind of highly-leveraged developers. Unfortunately this has the potential to turn a snowball into an avalanche in Chinese debt markets. Today's report from Caixin: Cash-strapped local\u2026","rel":"","context":"In "Base Metals"","block_context":{"text":"Base Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/base-metals\/"},"img":{"alt_text":"Chinese Yuan (CNY\/USD)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-09-28-cny.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-09-28-cny.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-09-28-cny.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":37599,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/09\/19\/chinas-house-of-cards\/","url_meta":{"origin":49889,"position":2},"title":"China’s house of cards","author":"Colin Twiggs","date":"September 19, 2022","format":false,"excerpt":"A bailout platform set up by the Shenzhen government has been helping cash-strapped property developers, including China Evergrande Group and Kaisa Group Holdings Ltd., complete stalled local construction projects in a bid to jumpstart the flagging industry.... (Source: Caixin Global) Michael Pettis\u00a0 commented: \"....Given the Shenzhen is in much better\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Shenzhen Real Estate","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/shenzhen.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/shenzhen.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/shenzhen.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/shenzhen.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":22769,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/11\/21\/china-credit-trembles\/","url_meta":{"origin":49889,"position":3},"title":"China credit trembles","author":"Colin Twiggs","date":"November 21, 2020","format":false,"excerpt":"The Washington-based Institute of International Finance (IFF) estimates that China\u2019s total domestic debt is likely to reach 335 per cent of GDP in Q2 of 2020 (up 17% from the preceding quarter). China\u2019s domestic debt, denominated in yuan, consists of three components: corporate, household and government debt. Corporate debt includes\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25475,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/04\/27\/chinas-achilles-heel\/","url_meta":{"origin":49889,"position":4},"title":"China’s Achilles heel","author":"Colin Twiggs","date":"April 27, 2021","format":false,"excerpt":"China's Achilles heel is investment misallocation. The CCP sets the target for GDP growth at the start of each year but China has a low level of consumption relative to GDP (due to exceptionally low wage rates), so the only way to meet these targets is through exports (which is\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43889,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/09\/06\/chinas-debt-and-implications-for-australia\/","url_meta":{"origin":49889,"position":5},"title":"China’s debt and implications for Australia","author":"Colin Twiggs","date":"September 6, 2023","format":false,"excerpt":"China remains Australia's biggest export market despite a rapid fall in exports during the COVID pandemic -- in retaliation for Morrison government calls for an inquiry into the cause of the outbreak. Value of LNG exports to Japan have surged, after Russia's 2022 invasion of Ukraine, but China remains our\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Australian Exports by Country","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-09-05-aus-exports-country.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/49889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=49889"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/49889\/revisions"}],"predecessor-version":[{"id":49890,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/49889\/revisions\/49890"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=49889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=49889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=49889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}