The debt swap will help local governments save on interest payments and encourage them to borrow more, but doesn’t represent any
incremental borrowing and therefore it should not be counted as stimulus, Nomura analysts led by Ting Lu said.
The debt swap will help local governments save on interest payments and encourage them to borrow more, but doesn’t represent any
incremental borrowing and therefore it should not be counted as stimulus, Nomura analysts led by Ting Lu said.
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