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local government financing strugglesCNBC
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88% Informative
China 's Ministry of Finance's weekend press briefing underscored how it is focused on tackling local government debt problems.
Morgan Stanley : "The press conference is consistent with our view that addressing local government financing struggles is a priority" China 's real estate market slump has cut into a significant source of revenue for local governments.
Evans-Pritchard insisted that fiscal policy is more critical for addressing the latest economic slump since China 's other support tools have previously included real estate and credit, which are not as effective this time. "It's hard to put a specific number on it because obviously there's a lot of talk of recapitalizing the banks, dealing with the existing debt problems among the local governments," he said. "If a lot of the additional borrowing goes into those areas it actually does not stimulate current demand that significantly." — CNBC 's Sonia Heng contributed to this report..
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