China local government financing vehicles in focus

Why are local government financing vehicles (LGFVs) increasingly looking offshore to raise funds?
The offshore bond market provides LGFVs with a deeper pool of liquidity and efficient means to raise funds. For example, Beijing Infrastructure Investment launched a medium-term notes program in 2014 to facilitate overseas fund-raising, and lifted the program size to $6 billion (from an initial $2 billion) in June 2015.