ANBOUND: Signals from Re-encouraging Local Debt Replacement
ANBOUND
China's local debt replacement again arises the market concerns. Although the first round of replacement has just started, the second round is under way. For ANBOUND, the introduction of second round reveals the sever pressure caused by local debts. The local governments are universally constrained by heavy debts, which even dramatically affected sustaining growth, it is now considered as a "pain point", and the central government is doing best to cut debt for the local.