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China To Help Local Government Repay $1 Trillion In Unpaid Bills To Private Sector
Every single day, we get a new story of another stealth bailout by China (since a bazooka stimulus remains out of the picture seeing how China pretty much used them all up by the time covid rolled out and pushed the country's consolidateded debt to GDP to around 400%). Here's another: according to Bloomberg, China is preparing to tackle the massive backlog of unpaid bills owed by local governments to the private sector, an amount of arrears some have estimated at over $1 trillion. Of course, since there is no actual "loose cash" floating around in China, in another financial MC Escher painting, Beijing will need to ... (full story)