China's NDRC extends offshore bond approvals to 5-6 months, restricting LGFV borrowing as $35.29 billion in 2026 maturities loom amid hidden debt concerns.

Delegating approvals to provinces has accelerated fundraising, but as interest costs hit record highs, a fundamental flaw in local government financing lingers

China's NDRC extends offshore bond approvals to 5-6 months, restricting LGFV borrowing as $35.29 billion in 2026 maturities loom amid hidden debt concerns.