BEIJING : At least 102 Chinese cities faced difficulties in managing their debt-servicing costs last year, reining in China's ability to use fiscal stimulus to spur the economy's post-COVID recovery, according to a report by Rhodium Group.The findings of the U.S. economics and policy research firm were ba
BEIJING : At least 102 Chinese cities faced difficulties in managing their debt-servicing costs last year, reining in China's ability to use fiscal stimulus to spur the economy's post-COVID recovery, according to a report by Rhodium Group.
Falling fiscal revenues amid China's property deleveraging campaign and COVID-19 curbs exacerbated the financial distress of local governments, which are traditional pump-primers of economic growth. Beijing has said defusing these debt risks is one of the government's major tasks this year. The interest burdens of the northwestern city of Lanzhou and the southwestern city of Guilin outpaced their fiscal capacity last year, the report showed.
"In fact, this is the primary reason that there has been no meaningful fiscal support for China's recovery this year."
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