The Australian state of Victoria has decided to withdraw as host of the 2026 Commonwealth Games as it battles financial problems caused by massive COVID-19 debts and high government expenses. On July 18, Victorian Premier Daniel Andrews announced that the state would no longer host the 2026 event because of a funding blowout. The Games…
China’s Low-Price Car Promotion Fails to Spur Sales as Consumer Confidence Declines
March 28, 2023
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News Analysis A low-price auto campaign initiated by Chinese car companies and local governments has been sweeping throughout China since the start of March, but auto sales continue to fall. Experts indicate that middle-class Chinese citizens, the mainstay of consumption, face heavy debts as they lose confidence in the economy. On March 6, Dongfeng Motor…
Chinese Cities Stumble Under Heavy Debt Burdens
Commentary Debt weighs heavily today in China. Past articles in this space have described the origins of some of this debt, and the ill effects it has had—and will have—on China’s economy. A look at what is happening in many Chinese cities makes that burden clearer still: In some places, the weight of servicing these…
Millennial Money: 5 Tactics to Pay Buy Now, Pay Later Debt
Chances are that your “buy now, pay later” bill from the holiday season will arrive soon or has already made its debut. If you’re not financially prepared to pay up, late fees or other charges can bury you deeper in debt. Circumstances can change over a matter of weeks through financial setbacks like unemployment, an…
Chinese Builder CIFI Holdings Halts Foreign Debt Payments
News Analysis Chinese enterprise CIFI Holdings (00884.HK) recently announced that it had suspended all foreign debt payments due to deteriorating cash flow but would repay domestic debts to maintain domestic financing. This may indicate that Chinese firms are now cutting off their international capital ties amid tightened policies and turning to domestic investment to survive. CIFI Holdings stated…
11 Ways to Prevent Debt From Ruining Your Retirement Goals
Retirement, the “golden years” in the ideal world, is when all Americans want to kick back in their own home, count dollars from their passive income, and get back to their hobbies. But, this dream for many remains a hyperbole due to a lack of financial planning, adequate investment, and debt. A Congressional Research Service report…
Lloyds Offers Extra Support to 2 Million Customers as Cost Rises Hit Hard
LONDON—Britain’s biggest domestic lender Lloyds Banking Group contacted 2 million of its 26 million customers in May after identifying they could need extra support to cope with soaring food and energy prices and rising debt costs. The UK’s largest mortgage provider outlined options including debt consolidation, household budget reviews, and spending control tools to customers…
Chinese Regime’s Local Debts Reach Record High, Equivalent to 52 percent of GDP
The Chinese communist regime’s Ministry of Finance released the local governments’ bonds and debt balances for this year on its website on Nov. 23. As of the end of October, the local government debts balance was $4.64 trillion. Mainland Chinese media Securities Times and Tencent Finance jointly released the “China Cities Debt Ratio Ranking,” showing…
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