Logo 26 May 2023

Into the breach

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More cracks are appearing in China's great wall of debt.
The latest mini-crisis was in Kunming, the capital of Yunnan province, where two local government financing vehicles (LGFVs) owned by the city government struggled to repay their bonds.
The deets: On Sunday, one repaid a RMB 200 million note d...



More recent developments

Logo December 18, 2024
November fiscal data doesn’t inspire confidence

Local government financial stresses persisted in November, despite modest tax revenue growth. According to finance ministry (MoF) data, released Monday, general public budget revenue – the biggest chunk of government income – increased by 11.0% y/y, marking the third consecutive… Read More »

Logo December 18, 2024
Subsidy programs fuel increased spending on home renovations

The consumer trade-in program is bearing fruit. Quick refresher: Early this year, the State Council released an action plan to promote a consumer goods trade-in initiative, including offering subsidies for home renovations. At the end of July, authorities ramped up… Read More »

Logo December 18, 2024
Econ targets for 2025 leaked

Officials have set China's 2025 economic growth target at "around 5%" and the budget deficit target at 4%. That's according to Reuters, who disclosed the leak on Tuesday, citing two unnamed sources. A 2025 growth target of "around 5%" would… Read More »