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Debt crisis: Beijing comes to local government's rescue
China's ballooning local government debt is a problem that cannot be brushed aside. Given how important local governments are to China's economy, Xi Jinping's administration is on an overdrive to fix the crisis before it is too late. Among the 'basket of measures' that Beijing has promised are special bond issuance, debt swaps, & loan rollovers. The basket of measures are a big development in the context of Chinese economic planning.
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