How big is China’s hidden debt problem, and what is Beijing doing about it?

Local governments in China are racing to clean up off-balance sheet borrowing as cutting debt is now top of the political agenda for Beijing.Late last month, the State Council said it would allow Guizhou, one of China’s poorest and most indebted provinces, to delay credit repayments and undergo restructuring, underlining the government’s focus on debt management despite a slowing economy.In recent years, the central government has stepped up supervision of local government financing vehicles …

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