Matthews Asia: China's Loans-To-Bonds Swap ProgramGuest Post
China's Loans-To-Bonds Swap Program by Andy Rothman, Matthews Asia
China has begun a program designed to clarify the size of its local government debt burden and reduce its financing costs. Swapping cheaper bonds for more expensive loans is an important step toward creating a healthier fiscal system. But it is equally important to understand what this program will not do. It isn’t a bailout, it won’t lead to local government defaults and it isn’t a Chinese . . .
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