The ‘basket of measures’ Beijing promised to defuse local government debt risks is likely to include special bond issuance, debt swaps, loan rollovers, and something it loathes: dipping into the central budget. But how much of a help these are will be a crucial test of how decisive and long-lasting a solution Beijing can deliver. … Continue reading China’s Debt Crisis: The End of the Road for “Extend and Pretend”?