Description
, , , , , , , …… , ” ” ? ? Local government debt is a longstanding problem. Local governments go on a borrowing frenzy for excessive constructions by leveraging unreasonably high expectation for land revenues. Now the time comes for them to repay the debts. In the context of real estate regulations, the debt gets bigger and bigger and poises like the sword of Damocles hanging over the heads of local governments. The Chinese manufacturing affected by local government debts are at risk and unemployment rising sharply. Will local government debts become China’s “subprime mortgage crisis”? How are we going to get out of the Chinese-style financial phantom? What awaits us is about to be revealed.
