China: Reneging on letters of credit
Aug 28, 2017
China cracks down on local government debt with 'negative list'
Amid fears of a debt blowout in the provinces, the government prohibits local governments from funding certain types of infrastructure project in the name of ‘procurement of services’.
In a bid to rein in burgeoning debt among local governments, China's Ministry of Finance has announced a so-called "negative list" to prevent local governments from funding certain types of infrastructure project.
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