SHANGHAI -- For some economists, the biggest takeaway when China announced its latest plan to reduce "hidden debt" at local governments was not the size of the support but how large the government thinks the problem is.
China debt crunch
China's 'hidden debt' problem bigger than Beijing suggests, analysts say
Debt swap program still leaves estimated $6tn in off-balance-sheet liabilities
A bridge over a partially frozen river in China's Jilin province. Analysts warn that debt raised to fund unprofitable infrastructure projects could continue to snowball. © Reuters
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