It’s Finally Here: China’s Local Governments Go Broke Under $18 Trillion Debt

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. Join this channel to get access to perks: https://www.youtube.com/channel/UCT2kPBcD6tXn8TP_aV7BmgA/join #chinaobserver All rights reserved. ⭐You can support us at: https://donorbox.org/china-observer-supporting-independent-news ⭐For business cooperation, please contact us: [email protected]