September 12, 2025 09:35 AM GMT China Economics | Asia Pacific Our Take on China's Potential Local Debt Relief Key Takeaways Tackling overdue payables to the private sector marks a new small step in the deflation battle: In a February speech that was made public recently, top leadership warned that delayed government payments to companies risks eroding public trust in the authorities. We believe this reflects Beijing's growing recognition of the debt- deflation problem. The Bloomberg report on tackling loca ...