China publicly names officials in ‘unprecedented’ hidden-debt crackdown. Can it work?
Por Emma Ma — South China Morning Post – News feed
Advertisement China debt Economy China Economy China publicly names officials in ‘unprecedented’ hidden-debt crackdown. Can it work?
The escalating campaign comes as officially identified hidden debt shrinks, even as broader estimates of local financing vehicle liabilities remain far larger
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Emma Ma in Shanghai Published: 9:30am, 18 Sep 2026
A recently issued official circular has put China’s long-running problem with hidden local government debt back in the spotlight.
Earlier this month, the Ministry of Finance (MoF) and the Central Commission for Discipline Inspection (CCDI) jointly outlined six typical cases spanning six provinces where local authorities had fallen short of targets to resolve unrecorded liabilities.
“For hidden-debt penalty announcements, it is unprecedented to have the CCDI alongside the MoF,” said Qiao Yide, vice-chairman of the Shanghai Development Research Foundation think tank.
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