Logo 29 Aug 2023

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Is China’s central bank (PBoC) getting ideas for dealing with local government debt from the US? On August 21, Caixin reported the PBoC is considering setting up a special purpose vehicle (SPV) to provide emergency liquidity to local government financing vehicles (LGFVs). Fun fact: The Federal Reser...



More recent developments

Logo December 19, 2025
County-level governments have low fiscal self-sufficiency

China’s county-level governments are dangerously reliant on fiscal transfers to fund expenditure. Per a report by the Southwestern University of Finance and Economics, analysis of all 2,774 county-level governments found that, on average, only 38% of general public budget expenditure… Read More »

Logo December 19, 2025
Chinese exports to Africa skewed toward capital equipment and intermediate goods

Africa is China’s largest export growth market – but what is the continent buying? ICYDK: Between 2019 and 2025, China’s exports to Africa surged by a staggering 119%, compared with 48% growth for China’s exports to the rest of the… Read More »

Logo December 19, 2025
New steel export controls will curb low-quality exports, ratchet up standards

We're starting to get a clearer picture of how Beijing's new steel export controls will actually work. ICYMI: The commerce ministry (MofCom) announced new export license requirements for some 300 steel products on December 12. Important to note, these are… Read More »