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During China’s National People’s Congress last week, officials from some of the country’s most indebted provinces met with leading state banks to negotiate debt repayments on billions of dollars of liabilities.
Many local governments are grappling with billions of dollars of off-balance sheet debt, stifling their ability to deploy new investments.
Hong Kong: Ingrid Yeung visits Planning Dept
(Bloomberg) -- Investors in China’s local government financing vehicles are cutting the length of time they are prepared to extend credit and demanding higher returns, as cracks appear in the $9.1 trillion market.Most Read from BloombergSingapore Minister Faces Most Serious Graft Probe Since 1986DeSantis Says No Thanks to $377 Million in US Energy FundsGoldman Breaks Its Own Rule to Flag Results Much Worse Than RivalsInflation at 3% Flags End of Emergency, Turning Point for FedUS Inflation Hits
By Samuel Shen and Andrew Galbraith SHANGHAI (Reuters) - Shut out of the bond market and spurned by banks, a growing number of cash-starved Chinese lo...