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- A local government financing vehicle (LGFV) (Chinese: 地方政府融资平台) is a funding mechanism by a local government in China. It usually exists in the form of an investment company that sells bonds in the bond markets to finance real estate development and other local infrastructure projects. In 2019, LGFV bonds constituted 39% of total outstanding corporate bonds in China's domestic (onshore) bond market, with widely varying credit risks. The bonds that LGFVs sell are known as "municipal investment bonds" or "municipal corporate bonds" (城市投资债券 or 城投债), which are repackaged as "wealth management products" and sold to individuals. Since local governments in China are not allowed to directly participate in the municipal bond market, LGFVs have played a unique role in securing funding for local governments to develop their economies. Both the number and the indebtedness of LGFVs have soared in recent years, sparking fears about their inability to repay debts as well as subsequent defaults. (en)
- 地方融資平台（ちほうゆうしへいだい、英: Local government financing vehicle、中: 地方政府融资平台）は、中国の地方政府傘下にある、資金調達とデベロッパーの機能を兼ね備えた投資会社。バブルを抑制するために、銀行からの地方融資平台を含めた不動産融資は規制されているが、その規制を抜けて理財商品や信託による投資が行われており、不動産バブルを煽っていると言う指摘がある。 (ja)
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- 地方融資平台（ちほうゆうしへいだい、英: Local government financing vehicle、中: 地方政府融资平台）は、中国の地方政府傘下にある、資金調達とデベロッパーの機能を兼ね備えた投資会社。バブルを抑制するために、銀行からの地方融資平台を含めた不動産融資は規制されているが、その規制を抜けて理財商品や信託による投資が行われており、不動産バブルを煽っていると言う指摘がある。 (ja)
- A local government financing vehicle (LGFV) (Chinese: 地方政府融资平台) is a funding mechanism by a local government in China. It usually exists in the form of an investment company that sells bonds in the bond markets to finance real estate development and other local infrastructure projects. In 2019, LGFV bonds constituted 39% of total outstanding corporate bonds in China's domestic (onshore) bond market, with widely varying credit risks. (en)
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- Local government financing vehicle (en)
- 地方融資平台 (ja)
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