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A major city in China is on the verge of bankruptcy

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I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times. I have a passion for learning more about economic trends and understanding how they affect businesses of all sizes. To stay up to date with the latest developments in the field of economics, I make sure to keep track of reliable sources like Bloomberg News or Reuters. In addition to my writing work, I often provide consultation services related to economic matters for clients both large and small.

Wuhan, one of China’s largest cities, has been so tight on funding that it has had to get into a “debt hole”.

According to the CNN agency’s website, the city government requires local companies to repay their loans as soon as possible. According to experts, such a move could only mean that Wuhan is in an extremely difficult financial situation.

The total debt of local companies is about 14 million dollars. Credit guarantors are public and private companies and government departments.

Analysts attribute such a difficult financial situation to the crisis that began with the COVID-19 outbreak in the city, which brought widespread lockdown and eventually killed the economy of Wuhan.

Earlier, RT showed how the Chinese city of Wuhan looks like after quarantine.

Source: Riafan

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