China Bets on Infrastructure Despite Debt Worries
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China doubles down on infrastructure spending to boost growth despite debt concerns.
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Local government debt financing vehicles face repayment pressures, raising economic stability risks.
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Infrastructure investment has powered China's growth model for decades but debt limits stimulus.
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Experts say China should restructure local government debt into longer-term obligations.
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Deficits from lower land sales and COVID-19 weigh on local governments' fiscal position.