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Koon Yew Yin's Blog
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THE INVESTMENT APPROACH OF CALVIN TAN
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Le Pen makes new threat to withdraw support for French government
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by IDQWE001 > 2023-04-11 23:16 | Report Abuse
5 minute readMarch 10, 20233:14 PM GMT+8Last Updated a month ago SHANGHAI/HONG KONG, March 10 (Reuters) - China's push to revive the economy this year by increasing infrastructure spending while warding off financial risks is facing headwinds from massive local-government debt, which is more than $9 trillion and growing. As debt obligations mount, some local governments are pushing banks to extend maturities and cut interest rates, sources said. Local Government Financing Vehicles (LGFVs) have 5.5 trillion yuan ($790 billion) worth of onshore bonds coming due this year, the highest since 2021, according to Fitch.A sharp drop in income from mainstay land sales and fewer options for raising fresh funds have fuelled concerns about LGFVs' ability to meet debt obligations and its impact on the broader banking sector and markets. The ability of fiscally stretched local governments to follow through on spending will also be a key test for China's modest economic growth target of around 5% this year, as LGFVs play a key role in funding infrastructure projects, one of the biggest growth drivers for the world's second-largest economy.So far, they have been no public reports of an LGFV default, but some have had loans extended.