Beijing has a massive debt problem, including fast-growing central and local government debts (explicit government debt and LGFVs). Based on the finance ministry’s newly published 2023 financial data, China has been issuing 2 trillion yuan monthly debt. The monthly issuance of massive national and local government debt has drained the liquidity of the financial markets and resulted in an enormous amount of capital running idle.
https://wallstreetcn.com/articles/3681399
https://www.yicai.com/news/101976386.html#:~:text=%E6%A0%B9%E6%8D%AE%E8%B4%A2%E6%94%BF%E9%83%A8%E6%95%B0%E6%8D%AE%EF%BC%8C2023,%E5%80%BA%E5%88%B8%E5%92%8C%E5%86%8D%E8%9E%8D%E8%B5%84%E5%80%BA%E5%88%B8%E3%80%82
http://www.xinhuanet.com/fortune/20240130/00cff2136bd5413da56c3b72052cc5f4/c.html#:~:text=%E5%85%B6%E4%B8%AD%EF%BC%8C%E9%93%B6%E8%A1%8C%E9%97%B4%E5%80%BA%E5%88%B8%E5%B8%82%E5%9C%BA,%E5%8F%91%E8%A1%8C25.8%E4%B8%87%E4%BA%BF%E5%85%83%E3%80%82
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