Reuters had a great article today here. China has a habit of “giving” local governments unfunded mandates. This absolves the national government of responsibility for funding certain goals, or if something goes wrong, they can blame local officials.
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Chinese debt (what we know of the larger…
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Reuters had a great article today here. China has a habit of “giving” local governments unfunded mandates. This absolves the national government of responsibility for funding certain goals, or if something goes wrong, they can blame local officials.