Wuhan is pressing hundreds of Chinese firms to repay their debts in rare public warning | CNN...

LTC Eugene Chu seems the entire world is in debt except those at the top of the money chain,

LTC Eugene Chu
..."The public appeal by Wuhan, which was at the epicenter of the Covid-19 pandemic that began in late 2019, is highly unusual and underscores the fiscal challenges facing China’s local governments.

Chinese leader Xi Jinping’s zero-Covid campaign has exhausted the budgets of many cities and provinces, after they spent billions of dollars on frequent Covid lockdowns, mass testing and quarantine centers before last December’s policy U-turn. A real estate crash has exacerbated the problem, as local governments rely heavily on land sale revenues.

Analysts estimate China’s outstanding government debts surpassed 123 trillion yuan ($18 trillion) last year, of which nearly $10 trillion is so-called “hidden debt” owed by risky local government financing platforms.

Due to tightening budgets, some cities have already slashed medical benefits to seniors, which sparked protests. Other vital services are at risk."