The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
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Chinas four-trillion-yuan stimulus package fueled by bank loans in 2009 has led to the rapid growth of shadow banking activities after 2012. Local governments financed the stimulus through bank loans in 2009, and resorted to non-bank debt financing after 2012 given the rollover pressure from bank
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美国国家经济研究局创建时间：
2017-07-01
