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China Credit Spotlight: The Staying Power Of A US$3 Trillion Local Government Problem

China's push to end local governments' reliance on off-budget debt has so far been ineffective, with state-owned entities (SOEs) continuing to bury liabilities. S&P Global Ratings estimates this is a Chinese renminbi (RMB) 20 trillion (US$3 trillion) problem, with local government hidden debt equal to about one-quarter of Chinese GDP.

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