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☆ China's economic troubles have left some cities so cash-strapped they're resorting to bizarre fines, skipping bills, and slashing health coverage
  + stars: | 2023-09-21 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +4 min
Some Chinese cities are majorly cash-strapped as the economy grapples with debt and deflation. Local governments have resorted to handing out bizarre tickets and shirking bills to make money. That's led some cities to start imposing bizarre fines in the hopes of scraping together enough cash to meet their obligations. The state-funded China's Endangered Species Fund, for instance, says it hasn't received cash from the government for about half a year. Experts have warned of a bleak future ahead for China's economy, which is straddled with big debt loads, a deflation problem, and still-sluggish demand from its two-year COVID-lockdown.
Persons: shirk, That's, hasn't Organizations: Service, CNN, Yuekai Securities, Species Fund, New York Times Locations: Wall, Silicon, Guangdong, China, Beijing, Shanghai, Weibo, Wuhan
☆ Starving zoo animals and cucumber fines. China’s indebted cities are desperate for cash
  + stars: | 2023-09-20 | by ( Laura He Berry Wang | Laura He | Berry Wang | ) edition.cnn.com   time to read: +8 min
The zoo is run by the local government, which was said to be running out of money and therefore unable to feed its charges. These vehicles are legal entities created by Chinese cities to circumvent borrowing restrictions imposed by the central government in Beijing. “Why hurt small businesses which are the weakest?”Noodle sellers in Shanghai have been fined for adding cucumber to their dishes. Last year, Beijing issued a directive forbidding local governments from imposing “arbitrary fines” to generate income, and dispatched inspection teams to check that the policy was being followed. The scale of financial stress among China’s local governments is so big that “creative” sources of income can only cover a relatively small shortfall, he said.
Persons: hadn’t, Xi Jinping’s, ”, Willy Lam, Lam, “, Aly Song, Jiemian, Logan Wright, hasn’t, Li Qiang, Steve Tsang, Joseph Cheng, —, Martha Zhou Organizations: Hong Kong CNN, Species Fund, CNN Local, China Newsweek, ” CNN, China National Radio, Washington, Jamestown Foundation, CNN, ”, Weibo, “, SOAS China, SOAS University of London, City University of Hong Locations: China, Hong Kong, Dongshan, Liaoning, Beijing, Shanghai, Henan, Huizhou, Nanchang, Qingdao, City University of Hong Kong
☆ Analysis: A $1 trillion headache: China's local fiscal shortfall poses broader growth risks
  + stars: | 2022-10-17 | by ( Ellen Zhang Ryan Woo | Ellen Zhang | Ryan Woo | ) www.reuters.com   time to read: +6 min
DEBT STRESSTreasury bond quotas could be increased, so that some of them could be transferred to local governments to ease their fiscal stress, said Luo Zhiheng, chief macroeconomic analyst at Yuekai Securities. Combined with some maturing debts of local government financing vehicles (LGFVs) - investment companies that build infrastructure projects - this year and the next will be most stressful for local governments, he said. According to financial media outlet Yicai, local governments' revenue from fines and confiscations jumped 10.4% in January-July year-on-year. The fiscal stress is cutting into some households' income, a red flag for consumption and broader growth. As there is no way out, they have had to ask the local government fiscal department for money."
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