Solving China’s local government debt problem

Giving local jurisdictions ownership over their own debt is an important first step, but without a proper legal framework in place Beijing's new policy could make things worse.

During the global financial crisis, Beijing unleashed one of the largest fiscal stimulus packages in the world, worth about four trillion yuan. Though it saved China -- and Australia -- from recession, one serious side-effect of the spending binge has been the build-up of massive local government debt.

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