China Appoints New Finance Chief to Tackle Revenue Shortfalls and Rising Local Debt
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China appoints new finance chief Lan Foan as government faces revenue shortfalls and rising debt
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Weak land sales have strained local governments that relied on them for income
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Total debt of local government financing vehicles estimated at $9 trillion, more than double 2017
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China's fiscal revenue growth slowing amid economic headwinds
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Resolving local government debt risks seen as urgent; more fiscal stimulus may be needed