ASIA-PACIFIC

摘要

Local government financing vehicles in China's smaller cities are facing heavy debt repayment pressure in the next three years, according to a report by S&P. Chinese LGFVs have about Rmb3.8trn (US$530bn) of onshore bonds due to mature in 2019-2021, according to the rating agency. Large banks may be willing to offer a hand to help LGFVs from provincial governments and top-tier cities refinance their debt, but lower-tier borrowers - for example, below the prefectural city level -face the most risk, as they have limited access to the capital market and bank facilities, S&P said.