China Perspectives

China’s Local Government and LGFV Debt Risk

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Samuel Kwok, Head of Fitch’s APAC International Public Finance shares his views on China’s local government and LGFV debt problem.

  • (01:21) - 1H24 local governments’ fiscal trends
  • (04:02) - Expect marginal improvement in 2H24
  • (05:30) - Effect of measures to de-risk twelve “high-risk” provinces
  • (08:22) - LGFVs’ onshore bond yields at record low
  • (11:28) - Introduction of top three credit themes
  • (12:25) - Potential impact of reform measures pledged by Third Plenum
  • (14:21) - The second credit theme on social housing investment
  • (15:17) - The third credit theme on LGFV debt restrictions
  • (16:32) - Maintain a neutral credit outlook
    • ...more
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