「中國政府沒有公佈LGFV的整體債務,不過野村證券首席中國經濟學家陸挺推估,截至2020年底,中國地方隱性債務,包括貸款與債券,已膨脹至45兆人民幣(194兆台幣),相當於中國國內生產毛額(GDP)44%,該規模4倍於2010年時的9.6兆人民幣,當時約為GDP 23%。」
這兩年疫情讓中國各地方政府沒得大幅舉債空間, 但總數還是維持在超過GDP半數的驚人規模:
"At least so far, private property developers’ exit from the land-auction market has been offset in part by state-owned property developers and local government financing vehicles—entities set up to fund infrastructure projects.
The central government’s willingness to allow these vehicles to prop up land auctions may have limits, however. Local governments set up the entities as a workaround to evade earlier borrowing caps. They now represent a major reservoir of hidden debt—more than $8 trillion worth at the end of 2020, equivalent to more than half of China’s annual economic output—according to Goldman Sachs."