"Hidden" local government debt in China is projected to have hit as much as Rmb40tn ($6tn), or 60 per cent of China's gross domestic product in 2017, an alarmingly high rate as the country's economy cools and manufacturing starts to suffer from China’s trade dispute with the US.
While the exact number is not known because much of the debt is not held on balance sheet, a report from S&P Global estimated that local government financing vehicles, or LGFVs, have racked up between Rmb30tn and Rmb40tn ($4.5tn and $6tn).
“And that's a debt iceberg with titanic credit risks,” the report states.
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