Debt on a downward spiral: China’s LGFVs
Analysts fear that defaults in the shadow banking space could push into public bond markets. Will Beijing be able to implement reform?
April 25, 2023
Non-performing loans (NPLs), the inevitable aftermath of China's unprecedented credit boom in 2009, will increase gradually in the coming years, and the country's less creditworthy local government financing vehicles are expected to suffer the most damage, says Standard & Poor's.
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