Trial now
US OUTLOOK/OPINION

GS: Strong Core CPI Expected From A Number Of Categories

US EURODLR OPTIONS

Late Trade

USDJPY TECHS

Bullish Engulfing Reversal Still In Play

FOREX

Will The CHF Strength Drag Down Swiss CPI?

EURGBP TECHS

Short-Term Outlook Remains Bullish

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

A Chinese local government faces difficulties paying basic social services as revenues from land sales plunged following this year's curbs on housing markets, the Economic Observer reported citing an interview with an unidentified local official. The county faces as much as CNY2 billion deficit as sales of land fell by more than half from last year, the newspaper reported citing the official. The county may have difficulty paying wages this month as the authorities scramble to borrow money from other sources, including using special-purpose bonds, the official was cited as saying. While the newspaper didn't say if other regions face similar difficulties, it cited a Moody's report saying that revenue from land sales accounted for 29.2% of total local government incomes in 2020. Local governments will increasingly rely on raising debt to pay their expenditures, the newspaper said.