> local and provicial governments really dont matter. Local governments are broke though and their LGFVs owe people a lot of money and can't pay. The central

> local and provicial governments really dont matter. Local governments are broke though and their LGFVs owe people a lot of money and can't pay. The central government I believe is bailing them out - handing out longer term loans to kick the can down the road. It's still a strain on their financial resources.