Dec. 7, 2025, 6 a.m.
China's local debt crisis deepens: $18.9 trillion burden threatens global economy
China’s local governments relied on land sales (40% of revenue), but revenues plummeted 70% (1.2T?1.2T?350B) since 2021. Major developers (Evergrande, Country Garden, Vanke) collapsed, freezing the market—10% of properties receive zero bids. Local Government …
China's local debt crisis deepens: $18.9 trillion burden threatens global economy
China’s local governments relied on land sales (40% of revenue), but revenues plummeted 70% (1.2T?1.2T?350B) since 2021. Major developers (Evergrande, Country Garden, Vanke) collapsed, freezing the market—10% of properties receive zero bids. Local Government …