Chinese local governments have increased the number of culture and tourism investment companies (CTICs) in recent years, with some designed to shift their traditional financing vehicles onto a market-oriented footing, allowing localities to sidestep strict borrowing limits.
Caixin
Chinese local governments risk replicating debt mistakes
Previous financing vehicles piled pressure on borrowers
Tourists wearing Qing dynasty costumes visit one of Beijing's many historic sites on Oct. 1. Many so-called culture and tourism investment companies have been struggling with ailing projects, despite favorable conditions in China's tourism sector. © Reuters
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