China Guangdong Province Eliminated All Implicit Debt: Caixin

China’s Guangdong province said it has cleaned up off-balance-sheet implicit debts, three months after launching China's pilot “zero implicit debt” program, Caixin reported. The provincial government has offered more financial support to cities and counties, halted some projects, converted some implicit debt to corporate debt, and issued refinancing bonds to roll over some maturing implicit debts, the newspaper said. Currently, Shanghai and Beijing are also carrying out this pilot program to eliminate implicit debt, known as “grey rhinoceros” that endanger the Chinese economy, the newspaper said.