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
http://www.heb.chinanews.com.cn/zgxwzk/20230908438999.shtml