You may recall my post last week on Chna's hidden debts:
- China's finance ministry is discovering hidden liabilities … Some regions have come out with numbers that triple their levels of debt
Yeah … well now Standard and Poors rating agency have caught on:
- Off-balance-sheet borrowings by Chinese local governments could be as high as 40 trillion yuan ($5.78 trillion) and amount to "a debt iceberg with titanic credit risks"
- When including so-called "hidden" local government debt, the ratio of government debt to gross domestic product (GDP) could have reached an "alarming" level of 60 percent in 2017, according to S&P.
Reuters here for more.
