The regional and local support is also a contribution to the giant elephant that is Chinese government local debt, with an estimated $8T of off-the-books debt b

The regional and local support is also a contribution to the giant elephant that is Chinese government local debt, with an estimated $8T of off-the-books debt by the IMF. https://asia.nikkei.com/Business/Markets/China-debt-crunch/China-s-hidden-defaults-reflect-weak-local-government-finances https://asia.nikkei.com/Business/Markets/China-debt-crunch/C... Given that most of these governments are now in a pinch with this debt, it remains to be seen if this was a good idea.