China’s local governments have supported growth through heavy borrowing and spending big, but their debt loads are another hurdle to China’s development.
Fitch allows China to keep its still-high credit rating but, to the finance ministry’s chagrin, downgrades the country’s outlook.
Beijing needs an active consumer to drive economic growth, but Chinese households, with reason, don’t want to play along.
The regime’s cutting of local police stations due to high local governments debts amid unrest resembles the signs of collapse of former Communist Bloc regimes.
China’s local governments have supported growth through heavy borrowing and spending big, but their debt loads are another hurdle to China’s development.
Fitch allows China to keep its still-high credit rating but, to the finance ministry’s chagrin, downgrades the country’s outlook.
Beijing needs an active consumer to drive economic growth, but Chinese households, with reason, don’t want to play along.
The regime’s cutting of local police stations due to high local governments debts amid unrest resembles the signs of collapse of former Communist Bloc regimes.