The Coronavirus Sees China’s Local Governments Binge on Off-the-Books Debt

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The Coronavirus Sees China’s Local Governments Binge on Off-the-Books Debt
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China’s regional bosses break records with off-balance-sheet borrowing

Off-balance-sheet entities are selling bonds to finance projects such as investing in warehouses, expanding underground metro networks, building data

centers or renovating shantytowns. These bonds are ostensibly an arm’s-length way for cities and other levels of local government to fund infrastructure programs.

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