Understanding a nation’s economic health requires a deep analysis of its fiscal conditions, including the nature and level of debt its local governments hold. This observation is particularly true for China, the world’s second-largest economy, experiencing significant transformation and growth over the past decades. One area of persistent focus and concern among economists, policymakers, and investors has been the extent and implications of local government debt in China. This challenge is further compounded by the unique bifurcation of Chinese local government debt into explicit and implicit categories.
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