Repayment fears over China's local government debt


China escaped the financial crisis and subsequent global economic slump largely unscathed. While the US and Europe made inevitable cuts to their orders of goods from China, Beijing plugged the difference in GDP growth by launching grand investments in infrastructure. Increasingly, however, there is concern over what – if anything – will pick up the slack when that stimulus is withdrawn at the end of 2010.

As a country with a trade surplus and a healthy fiscal revenue-to-spending balance, China ha

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