A local government financing vehicle in Zunyi, Guizhou officially became the first LGFV in China to restructure all of its bank loans last week. This is a big deal since it's a precedent for how other off-balance sheet debts may be restructured. A🧵 1

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Michael Pettis @michaelxpettis · Jan 5, 2023

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1/9 Good thread by Adam Wolfe on the restructuring of an LGFV in Guizhou and its implications. Given its substantial debt problems Guizhou is likely to pioneer China's approach to managing bad debt.

Tweet Jan 4, 2023

A local government financing vehicle in Zunyi, Guizhou officially became the first LGFV in China to restructure all of its bank loans last week. This is a big deal since it's a precedent for how other off-balance sheet debts may be restructured. A🧵 1

by Adam Wolfe

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