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China's Wuhan finance regulator urges hundreds of firms to repay debt, local media report

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The financial regulator of China's Wuhan city publicly exposed 259 firms with debt to the government and urged them to immediately pay up, local media reported on Saturday.

The rare action from Wuhan's finance bureau on Friday comes as local governments in China become increasingly pressed by higher debt and expenses. Wuhan was the epicentre of the COVID-19 pandemic that began in 2019.

Debtors include district finance bureaus, scientific research units, state-owned enterprises, units of listed companies as well as private firms, according to a screenshot of the list shared by Yicai. State-owned Wuhan Yangtze River Asset Management Co is a professional platform responsible for the disposal of various non-performing assets in the central city, according to its official website.

 

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