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The Japan Times independently carries the same reporting on Goldman Sachs' $23 trillion (126% of GDP) estimate of China's total local government debt, corroborating the figure quoted in the pin's tweet.
Bloomberg independently reports Goldman Sachs' estimate that China's total local government debt, including off-balance-sheet financing vehicles, reaches about $23 trillion (roughly 126% of GDP), corroborating the specific figure in the pin's tweet, though Bloomberg's own piece is from a few weeks after the pin's stored mid-April 2023 date.
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Among the allowances, state policy banks were given an additional 300 billion yuan ($44 billion) focused mainly on financing infrastructure projects. Tight rules were announced alongside the measures that require the projects to be profit-making and targeted.
Local governments were given the green light to use more than 500 billion yuan ($73 billion) of existing special bond quotas and were promised reduced financing costs through interest-rate changes.
Amid an energy crisis sparked by severe droughts and heat waves, the cabinet said central-government-run electricity firms will be allowed to sell 200 billion yuan ($29 billion) in special debt to ensure adequate energy supply.
The U.S. could fail to meet its debt obligations sooner than expected, Treasury Secretary Janet Yellen warned in a letter to House Speaker Kevin McCarthy.
Yellen said a drop in tax receipts meant the U.S. could hit its debt ceiling as soon as June 1, earlier than Wall Street and Washington had estimated.
This date is earlier than Wall Street economists were expecting. Goldman Sachs’ latest estimate this week put the deadline at some point in late July, though the bank’s economists acknowledged that weaker-than-expected tax receipts could advance that timeline.
