Commercial paper defaults point to escalating local debt woes
Subscribe to keep reading.
Trivium Markets keeps you briefed on the latest developments in China markets policy.
Already a subscriber? Log in.
China’s local government financing vehicles (LGFVs) entered 2025 in worse financial shape than a year ago.
At the end of December, the number of LGFVs that had repeatedly defaulted on commercial acceptance drafts (CADs) had risen to a record high of 87, up from 79 in November.
Shandong alone accoun...