Financing Platforms of Local Governments and Their Role in Credit Boom in China in 2009—2010
The implementation of the anti-crisis program by the PRC State Council led to a credit boom in 2009—2010. The local governments’ specially established companies (financing platforms) were among the most vigorous borrowers. The article analyzes the influence of these companies on the banking system stability. The author concludes that the rapid accumulation of the financing platforms debt is mainly due to the revival of political lending and may result in a substantial increase of bad debt.
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