The financial regulator of China’s Wuhan city publicly exposed 259 firms with debt to the government and urged them to immediately pay up, local media reported on Saturday, reports Reuters. The rare action from Wuhan’s finance bureau on Friday comes as local governments in China become increasingly pressed by higher debt and expenses. Wuhan was the epicentre of the COVID-19 pandemic that began in 2019.
The borrowed funds ranged from just over RMB 10,000 to more than RMB 10 million ($1.45 million), with the total amount exceeding RMB 100 million ($14.47 million), Yicai reported, citing a debt collection list jointly published by the regulator and Wuhan Yangtze River Asset Management Co.
Debtors include district finance bureaus, scientific research units, state-owned enterprises, units of listed companies as well as private firms, according to a screenshot of the list shared by Yicai.