What significant steps is Beijing taking to address the issue of local government debt in China, and

Beijing is embarking on a substantial top-down effort to tackle the mounting debts accumulated by local governments in China, reflecting growing concerns about financial stability amidst a faltering Chinese economy.

The State Council of China, the country's cabinet, has initiated this move by dispatching teams of officials to over 10 financially vulnerable provinces. These teams, comprising representatives from the central bank, finance ministry, and securities watchdog, are tasked with scrutinizing the financial records of these provinces, including the debts of opaque off-balance sheet entities, and devising strategies to reduce these debts.

The urgency of addressing local government debt stems from the desire to transition away from an economy heavily reliant on debt-fueled infrastructure projects for growth. A significant estimate by Goldman Sachs places the total local government debt, including liabilities of off-balance sheet entities known as local government financing vehicles (LGFVs), at Rmb94tn ($13tn).

A successful resolution of this debt issue could lead to a reshaping of regional investment and financing dynamics. However, it could also impact the pricing of locally raised bonds and potentially influence the performance of regional banks that have extended significant loans to LGFVs.
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