It’s one thing when massive debt is public for the world to see and know. But what happens when mountains of debt are secretly issued and traded under the table?

That’s what Terri is looking at this week: how China’s secret local-government finance industry is keeping the entire economy bound together, in terms of both keeping it afloat and holding it back.

Where does it come from? What does it do? And what does it mean for the rest of the people in China, and even the world looking in from the outside?

The video post mentioned in the show: https://x.com/whyyoutouzhele/status/1960869950333083801

Views expressed in this episode are opinions of the host and guests and do not necessarily reflect the views of The Epoch Times.