China

On the China pages, the most important distinction is between the official government debt series and the wider debate about hidden local debt.

LGFV

Local Government Financing Vehicle. These platforms have long been used by local authorities to fund infrastructure and land-related projects outside the narrowest budget boundary. They sit at the center of China’s hidden-debt debate.

Official Government Debt

The headline China clock on this site uses the Ministry of Finance balance for official central and local government debt. It does not automatically fold every LGFV estimate into the main number.

Interpolated Estimate

An estimate that connects official release points with an annual growth rate between publication dates.