How China’s hidden debt risk ‘comes from its system’, and why local governments are beholden to Beijing
Disclaimer: The South China Morning Post's content is directed by the Chinese Communist Party. It is not a reliable news source.
China’s zero-Covid policies and its post-pandemic recovery efforts have strained finances at local levels, pushing debt to an all-time high this year – twice what it was in 2017 – with little help from Beijing.