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Beijing has massively ramped up local government special purpose bond (SPB) issuance this year, but where the funds are going is unclear. We undertook a deep-dive analysis of local government SPBs to get a better sense of what is going on. Our research found that compared with previous years, there has been increased obfuscation in bond prospectuses as to where SPB funds will be spent.
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Yet another new phase in U.S.-China relations »