The screws are tightening once again on China's local government financing vehicles (LGFVs) even as pressure on them grows to help fund the country's infrastructure stimulus, adding to concerns that debt defaults will increase and further strain cash-strapped local authorities.
Caixin
In depth: China's ATMs for infrastructure get squeezed, again
Crackdown on illegal fundraising, anti-corruption campaign threaten financing
The central government has urged local authorities to step up infrastructure investment but emphasizes that local governments must avoid more hidden debt. © Reuters
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