Shanghai became the first local government in China to issue bonds directly in almost two decades, a reform that lies at the heart of attempts to clean up the troubled finances of its cities and provinces.
Local governments have amassed large debts through off-balance sheet borrowing and, at more than 25 per cent of gross domestic product, these debts are seen as one of the big risks looming over the Chinese economy.
By allowing bond sales, the hope is that the market will impose discipline and transparency on local governments.
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