China and LGFVs: down, but not out, for the count
This year China saw some of the first defaults by local government financing vehicles (LGFVs) and next year, Moody's research indicates local governments will use them less. However, will there always be a place for the funding vehicles?
Liquidity might be in short supply in a deleveraging China but there’s one thing there isn’t any shortage of in the world’s fourth largest country and that’s land.
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