China has launched its largest-ever debt restructuring program: by the end of June 2027, all local government financing vehicles nationwide must complete their cleanup and transformation, completely severing ties with government credit.

The copyright of this article belongs to the original author/organization.

The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.