local government financing vehicles (LGFVs)

China's local governments have supported growth through heavy borrowing and spending big, but their debt loads are another hurdle to China's development.

With local authorities facing cash-flow problems, there are growing concerns about the $9 trillion LGFV debt market.

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Commentary LGFVs (Local Government Financing Vehicles), in existence since 1991, are loosely regulated Chinese financial mongrels negotiating the ...