China’s LGFV Debt Cleanup Eases Pressure on Lower-Level Platforms

Average leverage ratios for both district-level and municipal financing platforms ticked up slightly in 2025, but smaller district-level platforms managed to keep their debt burdens below their municipal counterparts

giovedì 4 giugno 2026 New tab

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The average debt ratio of China’s district- and county-level local government financing vehicles (LGFVs) remained below that of their municipal-level counterparts in 2025. Photo: VCG

China’s LGFV Debt Cleanup Eases Pressure on Lower-Level Platforms

China’s LGFV Debt Cleanup Eases Pressure on Lower-Level Platforms

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