An affiliate of a quasi-military organization in China’s Xinjiang Uyghur Autonomous Region delayed interests and principal payment, raising concerns over China’s mounting local government debts. Xinjiang Production and Construction Corps (XPCC) 6th Shi State-owned Asset Management announced that it has made overdue interest and principal payments on a 270-day RMB500 million (US$73 million) bond on August 15th, according to a filing to the Shanghai Clearing House. Similar to a local government financing vehicle (LGFV), XPCC is a unique economic and …

Delayed Bond Payment Of Xinjiang Quasi-military Organization Raises Concerns On China’s Local Debts appeared first on China Money Network.