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700,000 Chinese Villages Owe 900 Billion Yuan in Debt

China Newsweek Magazine published an article stating that “small villages with big debts” have become a problem that cannot be ignored. A survey by China’s Ministry of Agriculture and Rural Affairs Development found that, as of the first half of 2019, China’s 700,000 administrative villages have accumulated a total of 900 billion yuan (US$123 billion) in debt. Average debt has reached 1.3 million yuan per village.

Source: China Newsweekly, September 8, 2023