LGFV (local government finance vehicles) are one of weak links in Chinese debt-fueled growth.
Biggest creditor to local gov
Biggest debtor to bank system
1/2 business loans, 1/3 corp bond issuance
Biggest financier of construction.
And under stress!
ft.com/content/9688e7… https://t.co/LP3hSscW9v
RT @BJMbraun: How to be an effective political economist: Laser focus on the neuralgic points of the state-market nexus, follow
May 18, 2023
RT @BJMbraun: How to be an effective political economist: Laser focus on the neuralgic points of the state-market nexus, follow the money,…