BEIJING -- China's debt as a percentage of its economy hit a fresh high at the end of June, with local authorities borrowing heavily to underpin an economy weighed down by the central government's zero-COVID policy.
China debt crunch
China's debt ratio hits record high at 3 times GDP
Weak economy and infrastructure spending drive up borrowing
Local governments have been issuing debt to finance construction projects as pandemic-linked restrictions weigh on the economy. © Reuters
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