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China’s local debt crisis deepens: $18.9 trillion burden threatens global economy
by Kevin Hughes, Natural News: China’s local governments relied on land sales (40% of revenue), but revenues plummeted 70% (1.2T?1.2T?350B) since 2021. Major developers (Evergrande, Country Garden, Vanke) collapsed, freezing the market—10% of properties receive zero bids. Local Government Financing Vehicles (LGFVs) hold 12.2T in off?balance-sheet debt, pushing total obligations to 18.9T (more than Japan’s GDP). 10% of LGFVs […]