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Unpacking China’s Debt: A Conversation with Nicholas Borst

ChinaPower

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Local Governments - Is There a Trade-Off?

The riskiest borrowers seem to be the local governments in the more inland regions. The regions that are generally not as rich, which then leads to your earlier point of China's overall decentralized fiscal system. So if they were to default, it seems like many of the services that keep the population happy take care of the population could probably be at risk.

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