China lays out ground rules to tackle local debt mess
Challenge is convincing financial institutions to make swaps, buy bonds
Beijing
MORE than six years after China unleashed a record credit boom to shore up growth in the grip of the biggest global financial crisis since the 1930s, policymakers are starting to address the shaky financing that resulted.
In a template that could be expanded, regulators laid out ground rules for local governments to swap high-yielding, short-term loans for lower-cost, longer-term municipal debt.
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