Tackling the mountain of hidden debt accumulated by China's local governments is, once again, at the top of the political agenda as the economy gets back on track after a three-year pummeling from the COVID-19 pandemic.
Caixin
China's local governments struggle with hidden debt
Beijing worried that large defaults could destabilize financial system
An employee seals a stack of yuan banknotes at a bank in Huaibei, Anhui province, China. © Reuters
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