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China debt

China debt
The latest news and features on China's debt, both local and national.
Illustration: Craig Stephens
China property

Opinion | Why China can’t make a clean break from reliance on land and property

There is no lack of reform ambition but there will be no clean break: the old system persists because no fully functional alternative exists.

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China's economic recovery

China pledges to build megaprojects despite pivot to domestic consumption

Bonds

China urged to issue 30 trillion yuan in bonds to tackle local debt crisis

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China's economic recovery

Word is bonds: China’s provinces use special-purpose funds to pay debts

Hunan and Yunnan are using special-purpose bond funds to balance their books, the first provinces to do so as Beijing stresses financial risk control.

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China’s Hunan and Yunnan provinces are using special-purpose bond funding, typically earmarked for infrastructure, to pay businesses owed by local governments. Photo: Xinhua
Belt and Road Initiative

Time for China’s belt and road partners to pony up as debt comes due: think tank

Report by Lowy Institute finds that China has shifted from a net capital provider to developing countries to their biggest debt collector.

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China economy

Open Questions | Tech boost is no panacea for fixing China’s economic ills, Morgan Stanley economist says

Robin Xing, Morgan Stanley’s chief China economist, says the revival of animal spirits spurred by DeepSeek must be supported by broader consumption measures and social welfare reforms.

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Two Sessions 2025

‘Two sessions’ 2025

China’s Premier Li Qiang set China’s 2025 GDP target at ‘around 5 per cent’ and raised its debt-to-GDP target in his government work report. We compare national and local growth targets, look at spending by sector and the trend in government debt.

‘Two sessions’ 2025
Banking & finance

Beijing steps up financial ‘master plan’ with major asset reshuffle

China is moving to create a group of world-class investment banks through a round of industry consolidation, analysts say.

China economy

Opinion | China’s local government financing vehicles are a ticking debt bomb

Amid infrastructure drive, shadowy LGFVs, which let local governments circumvent borrowing limits, risk triggering a debt-fuelled bust.

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China economy

China urges prudence over plenty in rural projects as local debt clouds linger

In a document on the future of its rural revitalisation campaign, China’s State Council has encouraged mindful, cautious use of resources.

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China’s State Council has encouraged local governments to be more cautious in their spending on rural projects as concerns linger over debt. Photo: Xinhua
Electric & new energy vehicles

China broadens consumer goods trade-in programme

By including smartphones and rice cookers as trade-in purchases, Beijing is banking on subsidies to stir consumption.

Photo: China News Service/VCG via Getty Images
China deflation

China’s central bank holds rates

The People’s Bank of China is keeping its powder dry on rates so it will have more room to manoeuvre once US president-elect Trump assumes office next month.

China's economic recovery

China’s local governments urged to rethink approach to infrastructure investment

To avoid the pitfalls of overambitious spending, heavily indebted authorities must ‘know where to hit the brakes’, think tank says.

China economy

China’s economic conference, November data dump and more

This week: China’s leaders push spending at economic gathering, Politburo pledges loosening of monetary policy and sanctions proliferate. Next week: November data dump, Fed rate cut on the cards and Xi expected to visit Macau.

A worker making Christmas decorations in Huaibei, Anhui province. Photo: AFP
China economy

Infrastructure still key to supporting China’s economy

Weak consumption and slowing exports could mean a stronger push on investments that yield long-term returns.

China Railway workers at a station in Huzhou, Zhejiang province. Photo: China Daily via Reuters
China economy

Opinion | 3 challenges for China’s economic growth in 2025

The economy may be turning a corner but the property-sector crisis, local government debt and Trump’s return cloud the outlook.

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China economy

Editorial | Politburo prepared to do all that it takes in the name of growth

Beijing leaders make it clear that ‘more active’ policies are on the way through the use of fiscal and monetary measures.

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China economy

The rise of LGFVs and local debt pressure

China’s hidden debt bloomed in recent years as local governments sought financing to maintain growth. We take a look at local debt-to-GDP ratios, the issuance of special bonds and debt swap programmes.

China’s local government debt
China economy

October data, Xi, Biden to meet at Apec and more

This week: October data, Trump’s China hawkish cabinet picks and the PLA debuts its new stealth fighter. Next week: Final Xi-Biden meeting, Hong Kong 47 sentencing, Jimmy Lai trial to resume and more.

China economy

China’s debt swap eases pressure on local governments

The latest announcement dashed hopes for direct stimulus, but more is in store as Beijing takes stock of the Trump administration’s plans.

China economy

Editorial | China fires first shot to shore up economy against any surprises

The 6 trillion yuan debt-swap plan announced by the National People’s Congress Standing Committee is a timely, measured and targeted approach.

China’s Minister of Finance Lan Foan pledged more fiscal stimulus measures were on the way, including a “more supportive fiscal policy” for next year. Photo: Weibo
China’s economic stimulus

China unveils debt-relief plan, keeps further stimulus salvo in reserve arsenal

Week-long NPC Standing Committee meeting ends with mostly forward-looking plans to right China’s economic ship.

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A week-long NPC Standing Committee meeting ended on Friday with mostly forward-looking plans to right China’s economic ship. Photo: AFP
China economy

Macroscope | The most important part of China’s fiscal stimulus? Expectation management

As Beijing prioritises stability and development over reflation, investors must reconcile themselves to the realities of Chinese policymaking.

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China’s economic stimulus

In stimulus signal, China’s top legislature mulls debt swap plan on first day

China’s top legislative body is reviewing local debt swaps on the first day of its session, suggesting more fiscal stimulus could arrive.

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China’s economic stimulus

‘Avoiding a crisis’: economic stability top of agenda as Chinese lawmakers meet

Focus of meeting expected to be on risk prevention and economic stabilisation rather than directly boosting demand.

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The Great Hall of the People in Beijing. Photo: Simon Song
China economy

China’s NPC Standing Committee meeting in focus

China’s top lawmakers will meet November 4-8, with markets hoping that they will deliver more details on stimulus measures that so far haven’t focused much on boosting consumption.

China’s Great Hall of the People in Beijing. Photo: Reuters
China’s economic stimulus

Chinese businesses pin payment hopes on special government bonds

Government adviser describes local governments’ arrears in accounts payable to enterprises as ‘shocking’.

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China’s economic stimulus

China could tap 12 trillion yuan in new debt for stimulus in 2025: economist

To ensure stimulus measures are long-lasting and effective, a Chinese economist said, speed and scale must be prioritised.

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