This is bad !!!
China overhauls $2.69 trillion public-private projects as debt fears rise
China’s finance ministry has ordered an overhaul of its existing public-private partnership (PPP) projects and tightened approval rules for new ones, as Beijing has grown increasingly concerned about rising hidden debt risks from potential abuses of the program. In recent years, the government has tightened controls on new local government debt to help ward off risks following a borrowing binge since the global financial crisis. Instead, Beijing has heavily promoted the PPP model since 2014, which channels private money into public infrastructure projects, to keep capital investment growing while easing the burden on ... (full story)