Three weeks ago Leiyang, Hunan was in the news for missing payments to civil servants. See: Local Debt Risk Driving Turf War as PBoC and MoF Toss Hot Potato
Leiyang is back in the news.
Caixin: China’s Paper City Could Become a House of Cards
Pengyuan Credit Rating lowered the outlook on bonds issue by a Leiyang local government owned investment company, from stable to negative. Among the reasons for the ratings cut are rapidly growing debt and weak fiscal revenues.
Return of Ruble Rubble
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