Local governments face financing woes
By Zheng Yangpeng | China Daily | Updated: 2013-07-15 07:10
Overcapacity, sluggish demand highlighted as major difficulties
Burdened by overcapacity in manufacturing, local governments are finding the current downturn more difficult to cope with than the 2008-09 crisis.
Many of their investment projects are hard to sustain as economists are urging the central government to refrain from bailing them out with easy credit.
Photo
