The question of just how much debt China has is a vexing one. After years of investment-led growth, Beijing has struggled at times to maintain economic expansion and political stability. One balancing item has been debt. Local government funding vehicles provide one means to this end. These liabilities, issued off the government’s balance sheet, are worth as much as Rmb40tn ($6tn), says S&P Global. Even as Beijing tries to rein in the country’s borrowing, nothing yet exists to replace these LGFVs.
中國究竟有多少債務是一個令人煩惱的問題。經過多年的投資拉動型增長，北京方面有時在保持經濟增長和政治穩定方面陷入掙扎。債務一直是一種平衡工具。地方政府融資平臺為此提供了一種手段。標普全球(S&P Global)表示，在政府資產負債表外發行的這些債務，價值高達40萬億元人民幣（合6萬億美元）。即使北京方面試圖遏制國內信貸，也沒有什么可以取代這些地方政府融資平臺。
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