China paid more than 1 trillion yuan ($148 billion) in interest on local government debt last year as the country issued a record amount of local government bonds to bolster the economy with increased public spending.
Caixin
Chinese local governments paid $148bn in interest in 2022
Beijing aims to bolster COVID-hit economy with more public spending
Eighteen Chinese provinces and municipalities unveiled plans to sell more than 1 trillion yuan of local government bonds during the first quarter of 2023.
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