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Wuhan, the largest city in central China, has publicly demanded that hundreds of local companies repay their debts, in an extremely rare move that highlights the dire financial situation facing many of the country’s municipal governments amid economic uncertainty.
The city’s finance bureau said in a Friday statement published by the official Changjiang Daily newspaper that a total of 259 companies and entities owed it more than 100 million yuan ($14 million) combined. It urged them to pay their overdue debts as soon as possible.
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.
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