China LGFVs

scheduleChina In-Focus (Round 2)

Part of Emerging Markets in Focus launch

Presentation - China LGFVs

Credit Conditions – China

Soft economic recovery heightens contingent liabilities from rising LGFV credit risks

Nonfinancial Companies – China

Higher likelihood of government support for LGFVs than property sector

Regional and Local Governments – China

Structurally lower land sales test capacity to support, raising LGFV default risk

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