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![joequant Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::45808758.png) Joseph Wang PHD [@joequant](/creator/twitter/joequant) on x XXX followers
Created: 2025-07-17 09:18:04 UTC

@AngelicaOung I don't get the sense that anyone in Beijing is being moralistic.  Part of the issue is that Beijing doesn't want to do an immediate bailout because that encourages local govts to go back to doing what they were before.  The issue is that local govts have a huge debt backlog.


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**Related Topics**
[debt](/topic/debt)
[beijing](/topic/beijing)
[wang](/topic/wang)

[Post Link](https://x.com/joequant/status/1945774995453673472)