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Local Governments Struggle To Repay Debt Interest

CHINA PRESS
MNI (Singapore)

Local governments should ensure the timely repayment of principal and interest on statutory debt amid sharply declining land-sale revenue, according to Yicai.com in a commentary. The issuance of local government special bonds has surged to stabilise growth in recent years. While nearly 90% of the principal is repaid by rollovers, the interest can only be met with fiscal funds. In 2023, local interest payments totaled CNY1.23 trillion. Local governments have prioritised repayment in fiscal expenditures, and some have set up a reserve system to avoid default. Land-sale revenue may stabilise this year following policies to support the property market, which could help ease some repayment pressure.

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