Broadcast|CCP’s Local Governments Took on New Debt to Pay off The Old Ones, Facing $3.45 Trillion Of Maturing Debt

By: MOS Fitness Team — Saturn

On Nov 1st local time, according to CCP’s media reports, CCP’s local governments have issued almost 2.9 trillion Chinese Yuan (approximately 45 million dollars) of bonds in the first three quarters. Prior to that, a report released by the CCP mentioned that 22 trillion CNY (approximately $3.45 trillion) of CCP’s local government debts would fall due between the years 2021 and 2026.

The report also stated that many local governments could only roll over their debts by repaying the old arrears with the new ones. The relevant statistics indicated that the number of the provinces, whose outstanding debts exceeded 1.5 trillion CNY (approximately $23 million) in Communist China, has increased to nine.

Relevant commentaries pointed out that, not only real estate entrepreneurs such as Evergrande, but also the local government will collapse due to insolvency. The forthcoming real estate tax published by CCP is very likely to be one of the “robbing Peter to pay Paul” strategies.  

Article: CCP’s Local Governments Took on New Debt to Pay off The Old Ones, Facing $3.45 Trillion Of Maturing Debt

Posted by: Yuki jiang

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