BEIJING -- Faced with falling revenues, Chinese local governments are issuing debt to finance infrastructure projects at the slowest pace in three years despite encouragement from Beijing.
China debt crunch
China's local governments rein in infrastructure bonds on budget fears
Regional authorities reluctant to take on more debt as revenues fall
A construction site in Beijing. Infrastructure projects have been instrumental in propping up China's economy. (Photo by Kentaro Shiozaki) © Reuters
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