Chinese cities are struggling to pay their bills as 'hidden debts' soar

Three years of strict pandemic controls in China and a real estate crash have drained local government coffers, leaving authorities across the country struggling with mountains of debt. The problem has gotten so extreme that some cities are now unable to provide basic services, and the risk of default is rising.

source https://www.cnn.com/2023/01/31/economy/china-local-governments-basic-services-debt-crisis-intl-hnk/index.html