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China wants to defend desperate borrowers from shady fund managers amid spiralling debt.
China has stepped up efforts to tackle the debts amassed by local government financing vehicles (LGFV), which by some estimates have ballooned to 50% of the nation’s GDP. Beijing fears these LGFVs, which have been crucial in funnelling investment into infrastructure projects, have dipped too far into this perilous segment of the bond market and may default.
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