China takes another step toward municipal borrowing

April 24, 2014

Last January, when I made my predictions for 2014, I wrote:

The biggest muniland story this year will be the development of the Chinese municipal bond market. It’s not often that you get to watch a government launch a bond market. And China’s will be massive. From the South China Morning Post:

Should China build a muni market?

October 22, 2013

Reuters reported on the possibility that China’s government will take the next step in building a municipal bond market. It seems that local governments in China have accumulated a lot of debt and it needs to moved off their books. From Reuters:

China reduces local government debt

May 31, 2011

China is the most dynamic place that I’ve ever visited. I went numerous times in the 1990s and was always impressed with the vitality of the people. You could hear Beijing or Shanghai or Wuxi humming with energy from the early morning until late in the evening. I remember landing back in an American airport and thinking how low the energy level was here. Of course all this is reflected in the economic performance of the two countries.