China’s Fiscal Collapse! $18 Trillion Debt, $2 Trillion Deficit, Local Officials Rebellion
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Local government finances in China are facing a crisis of unprecedented scale. The public sector has seen delays in salaries payment, cuts in performance bonuses, and reductions or suspensions of public services in many regions. With a steep collapse in land sales revenue and a local debt crisis, the situation is dire. Beijing’s coffers are nearly empty, and Zhongnanhai at a loss, while local officials are facing increasingly difficult times.
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