Provincial auditors across China are sounding the alarm on a wave of fast-approaching local government debt maturities that analysts think could amount to at least Rmb3.8tn ($560bn) within the next two and half years, presenting a risk to China’s financial system.
The auditing office of Shaanxi province in northwestern China is the latest authority to release a worrying report on the level of debt repayments facing the local government.
The office, one of several to release audit reports in recent weeks, warned this week that the province bears heavy repayment pressure over the next five years and that 34 per cent of its so-called “hidden debt” must be paid back before the end of the year, without specifying the size of that debt.
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