China is trying to dig up hidden, unpaid government bills in an attempt to minimize financial risk
China is now looking to unearth hidden debts across local governments in an attempt to minimize financial risk, according to a WednesdayNational leaders will press local officials to share how much money they owe, people familiar with the matter told Bloomberg, with the aim being to create a more comprehensive picture of liabilities at every level of government.
China has more than 3,000 individual administrative units, with many of them relying on companies known as"local government financing vehicles" to borrow money to fund projects that can't fit into official budgets. According to Bloomberg, Beijing has denied that governments are on the hook for these debts, but markets finance LGFVs as if local authorities wouldn't let any of them default.
Officially, China's Ministry of Finance reports local governments had 37 trillion yuan, or about $5.1 trillion, in debt outstanding, as of April, though there's no official tally for the hidden debt.
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