Debt resolution, weak land revenues and falling infrastructure funds show that local governments are no longer driving expansion — they are struggling to hold the line
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China’s economic engine has long relied on local governments to spend their way to growth, but recent data suggests this machinery is stalling. The slowdown in fixed-asset investment in April 2026 is not merely a blip; it exposes a profound structural shift in how local governments manage their finances, deploy capital and grapple with mounting debt.
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