Amid slowdown in economy, here’s what China’s local governments doing to tackle ‘hidden debt’

Under pressure to finance their day-to-day operations as well as invest in more projects to grow the economy, local governments have turned to off-the-books funding sources for cash, despite a Budget Law effective in 2015 banned them from doing so. Experts estimate the figure to be anywhere from 30 trillion yuan to more than 70 trillion yuan.

from Economy-Prime-Economic Times