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The debtors or guarantors include state or privately owned companies, government departments and think tanks, according to official media outlets quoting a screenshot of the newspaper.
according to official media outlets quoting a screenshot of the newspaper.
The finance bureau said it was unsuccessful in collecting the debts and was offering rewards to anyone able to provide useful information about the debtors’ financial assets.
The public appeal by Wuhan, which was at the epicenter of the Covid-19 pandemic that began in late 2019, is highly unusual and underscores the fiscal challenges facing China’s local governments.
Chinese leader Xi Jinping’s zero-Covid campaign has exhausted the budgets of many cities and provinces, after they spent billions of dollars on frequent Covid lockdowns, mass testing and quarantine centers before last December’s policy U-turn. A real estate crash has exacerbated the problem, as local governments rely heavily on land sale revenues.
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