Chinese local govts slash salaries amid growing debt crisis (Epoch Times)
At least five Chinese provinces have reportedly drastically cut public sector salaries of between 20-30% with some offering no warning or explanation.
The Finance Ministry announced that the local govt debt stood at $4.7tn. According to Goldman Sachs, about half of local govt debt is hidden from balance sheets, and accounts for half of China’s GDP.
Even Chinese Communist Party economist David Daokui Li admitted this month that the Chinese economy could be facing its most challenging period in 40 years.
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