China’s Local Governments Roll Over More Debt to Ease Risks
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Local governments in China have more than doubled bond sales to roll over maturing debt this year, helping to ease their repayment risk.
Cities and provinces sold about 1.9 trillion yuan ($293 billion) of so-called refinancing bonds in the first six months of the year, according to data from the Ministry of Finance and compiled by Bloomberg News. That’s a sharp increase from about 700 billion yuan sold in the same period of 2020, and 660 billion yuan in 2019.