No Money to Pay Salaries! China’s Local Government Is $14 Trillion in Debt, Borrowing From Temples

Recent years have seen a surge in news stories about financial crises in local governments across China, especially during the three years of implementation of the "zero-COVID" policy by CCP leader Xi Jinping. With a large number of businesses closed, community lockdowns, and massive expenditures on nucleic acid tests and the construction of quarantine facilities, the financial situation of already-struggling local governments has further deteriorated. As a multitude of real estate companies default on their debts, the land-based fiscal model, which heavily relies on "land sales revenue," is coming to an end. Amid an increasingly severe financial crisis that can no longer be concealed, local governments are drowning in debt, salaries for civil servants are being cut, and there are even reports of already-disbursed bonuses being clawed back.
#localgovernment #chinadebt #chinaeconomy #chinaobserver
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[ez]

Alllow the suffering to continue. A fitting punishment for a nation of thieves.

[dynex]

CCP hates religion, but they came to temple to ask donation, wkwkwo

[nelsonta]

Chinese people: We're broke!
China: What that got to do with me?

[PrecursorYang]

The only civil servant that havent seen a loss in their paycheck is the cops and military. Once they lose that, who'll peotect the party from its party?

[arfajob]

Borrow? what a joke! The Temple will never see that money back, ever.

[oldschool]

When they can no longer pay the police, the system will collapse.

[rickachiu]

Normally, Buddhist temples collect donations. In China, CCP collects from Buddhist temples. 😂

[adamd]

It's only a matter of time until the people strike back.

[El-Ge]

How could you say they have no money meanwhile spending 30 billion dollar for Asian Games? They do have money but hide it from the public.

[darrenhouse]

Can't start a war with someone if you can't afford it.

[PsychNurseHaldol]

When you can’t pay the police or the military….

[businesscat]

Whatever happened to China's surplus and their hoarding of physical gold?

[paulbeaney]

Think about how many of these "civil servants" have been oppressing their own people. I have very little sympathy for these NPC's.

[justjacqueline]

Yet here in the UK Chinese students live like kings and queens whilst at Manchester and Edinburgh universities and the sheer numbers are such that local students are barely present at these universities, Oxford and Cambridge are just as bad.

[BrianArnold-fhks]

Chinese bonds are worthless paper with no chance ever of repaymenr, let alone interest. Anybody who buys Chinese bonds, no matter the source, is insane.

[gardengirl]

So much waste! It’s always the ones on the bottom rungs who suffer the most.

[j.szelecz]

AWESOME ENDING PIECE ! KUDOS TO YOU a wonderful offering ! from Canada J.

[dashhuber]

Land sales is a misnomer. The government only leases land, and can revoke the lease at any time without cause.

[LB-ygbr]

Lol how does this country continue to function???

[uzifelner]

The next CCP order to their people will be relocating few millions of unemployed young people to the country side fields to grow agriculture, just like the good old days. Let’s go Winnie.