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Local Governments Begin To Swap Implicit Debts

CHINA PRESS
MNI (Singapore)

Six provincial governments including Inner Mongolia, Tianjin, Liaoning, Chongqing, Yunnan, and Guangxi have released plans to issue a total of CNY320 billion refinancing bonds to swap out implicit debts. The authorities have approved the debt swapping plan to mitigate local-debt risks and assigned quota to different provinces, which will exceed CNY1 trillion in total and tilt towards 12 debt-strapped provinces. (Source: 21st Century Business Herald)

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