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<ul><li>China’s local governments spent a record 1.23 trillion yuan ($174 billion) on bond interest payments last year, up nearly 10% from 2022, official data showed Tuesday.</li><li>Outstanding local government debt has also been steadily climbing over the past few years, reaching 40.74 trillion yuan by the end of 2023 — a 16% year-on-year increase, according to data published by the Ministry of Finance.</li><li>This amount included general bonds, whose proceeds are used to pay for nonprofit projects with no revenue, and special-purpose bonds, which raise funds mainly for infrastructure investment.</li></ul>

China’s local governments spent a record 1.23 trillion yuan ($174 billion) on bond interest payments last year, up nearly 10% from 2022, official data showed Tuesday.Outstanding local government debt has also been steadily climbing over the past few years, reaching 40.74 trillion yuan by the end of 2023 — a 16% year-on-year increase, according to data published by the Ministry of Finance.This amount included general bonds, whose proceeds are used to pay for nonprofit projects with no revenue, and special-purpose bonds, which raise funds mainly for infrastructure investment.

China’s Local Governments Paid Record $174 Billion in Bond Interest Last Year 