"Some local governments have very poor balance sheets. If they reveal their books, no one would agree to lend," said Zhao.
According to the finance ministry, only seven local governments such as Beijing, Shanghai and Zhejiang had a fiscal surplus in the first half. And the total deficit of local governments amounted to 672.8 billion yuan in the first nine months, or 3 percent of the nation's economic output during the period.
Analysts said local governments have already circumvented the legal barriers for bond issuance over the years, mainly through government-owned investment firms and trusts.
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