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Michael Pettis: China advances comprehensive package to address local government debt risks

Michael Pettis: China advances comprehensive package to address local government debt risks
China sees more local government vehicle shutdowns

Chinese publication Yicai reports that China is advancing a comprehensive package aimed at defusing local government debt risks, with the number of local government financing vehicles shutting down accelerating in the first three quarters of the year.

Michael Pettis, an economist and professor, shared the report.

China’s rising debt levels have put constraints on the government’s ability to introduce broad new economic stimulus, according to an earlier note from Michael Pettis. Pettis has highlighted that fiscal space is becoming limited as the country manages its growing obligations. The continued reduction in local government financing vehicles adds further pressure to address these debt challenges.

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