Faced with a mountain of maturing loans this year, China has given local governments the go-ahead to issue bonds as a way of rolling over their debt to avoid defaults.
The announcement by the National Development and Reform Commission, a top central planning authority, is the most explicit official endorsement of a massive debt refinancing operation that has become unavoidable and is already underway, analysts said.
The need for the rollover highlights the tricky balance that Beijing must strike as it tries to rein in debt without triggering a sharp downturn in growth.
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