China tightens grip on local government financing vehicles, to allow insolvent ones to go bust

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Chinese policymakers have issued new regulations about the management of local government financing vehicles (LGFVs) and they want struggling LGFVs to restructure or go bust if they can’t repay their debts, in a move to prevent systemic risks.

The State Council, China's cabinet, called for clearing up and standardising local government financing vehicles, peeling away their government financing function, and implementing bankruptcy proceedings or liquidation in accordance with the law if they lose their ability to repay their debts, according to a statement released this week.

Local governments should not rely on LGFVs . . .

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