China's $2.3 trillion hidden debt likely to climb higher this year: report by think tank

According to the National Institution for Finance and Development, the government-linked think tank, the $2.3 trillion hidden debt that the local governments in China had last year, is likely to go up further this year. Senior researcher Liu Lei said the local governments in the country are under pressure to increase infrastructure investments and boost the growth amid the pandemic. This had led to a 6% rise in off-budget borrowing.