China has started a special refinancing bond program to service the outstanding hidden debts of the governments of a number of provincial regions, which analysts said marked a key step forward after the central government proposed a package of debt relief measures.
Starting from September, more than 20 provinces participating in the program have issued or announced issuance plans with the aggregate amount about 1 trillion yuan ($136.6 billion), according to a report released last month by Fitch Ratings, a global credit ratings firm.
The amount is equivalent to around 30 percent of the total bond value of local government financing vehicles funding mechanisms that lower-level governments use to borrow money for projects that is expected…
Read the full article at: https://www.chinadaily.com.cn/a/202311/15/WS655425a4a31090682a5ee2fb.html