Facing mounting debt, the Alukerqin Banner government in China’s Inner Mongolia has warned of impending credit defaults, saying it can barely pay for basic public services, staff salaries and operational expenses this year.
The Alukerqin Banner’s fiscal budget report for the first half of 2024 reveals that its hidden debt consists entirely of bank loans and various funds, with extremely limited revenue sources and no financing channels other than bonds. It is in significant risk of a credit default if additional money is not secured.
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