中国's Qingdao 始める，決めるs up 会社／堅い to 保釈（金） out its 地元の govt 財政／金融ing 武器-sources
By Samuel Shen and Tom Westbrook
July 13 (Reuters) - Qingdao city in 中国's 負債-laden Shandong 州 has 始める，決める up a company to 保釈（金） out its cash-strapped 地元の 政府 財政／金融ing 乗り物s (LGFVs), sources said, as 地域の 政府s 急ぐ to 減ずる 負債 危険s in a wobbly economy.
Dongdin 産業の Group, 基金d by 政策 貸す人 中国 開発 Bank and having a 登録（する）d 資本／首都 of 10 billion yuan ($1.40 billion), is 仕事d with 供給するing liquidity support to Qingdao's LGFVs - 乗り物s 始める，決める up by 地元の 政府s to 財政／金融 おもに 組織／基盤／下部構造 事業／計画（する）s, two sources said.
It is the first such 機械装置 of a 地元の 政府 to come to light, and 代表するs 強めるing 成果／努力s in 中国 to 妨げる LGFV 負債 - 概算の at more than $9 一兆 - from derailing the world's second-largest economy.
The 政府 of Qingdao and the 中国 開発 Bank did not reply to Reuters' requests for comment.
負債 piles of Shandong LGFVs have jumped two-thirds since 2019 to 4.3 一兆 yuan, によれば 見積（る）s from 南西 安全s, as the pandemic and a 不振の 所有物／資産／財産 market 攻撃する，衝突する the eastern 州's 会計の income, 軍隊ing borrowing 経由で LGFVs to 支える growth.
While no LGFV in 中国 has defaulted in the public markets, 事例／患者s of delinquencies in the 私的な 負債 market are 増加するing, worrying Beijing. Big 明言する／公表する-owned banks have recently rolled over 貸付金s to LGFVs or lent more to them.
A slew of city 政府s in Shandong, such as Jinan, Weifang and Gaomi, have over the past month 調印するd 戦略の 協調 協定s with 明言する／公表する banks 含むing 農業の Bank of 中国 (AgBank) and 中国 Construction Bank .
Other Chinese 州s, 含むing Liaon ing and Hunan, have also rolled out 対策 recently to mitigate LGFV 負債 危険s, after 大統領 Xi Jinping 統括するd over a （共産党）政治局 会合 in late April 勧めるing 地元の 政府s to "強化する 負債 管理／経営, and 厳密に 抑制（する） growth in hidden 負債".
Qingdao has also stepped up 負債 監視するing to 妨げる any defaults in public markets, the sources said.
LGFVs must 報告（する）／憶測 返済 計画（する）s to the 政府 three months before any 社債s 円熟した, they said. And one month ahead of 成熟, cash-flow 詳細（に述べる）s must be submitted on a 週刊誌 basis.
LGFV BONDS 'STILL SAFE'
The 押し進める to 回避する systemic 危険s stemming from LGFVs played a 手渡す in Goldman Sachs downgrading Chinese 貸す人s, 含むing AgBank and 産業の and 商業の Bank of 中国 last week, 特記する／引用するing their （危険などに）さらす to the 乗り物s.
The 成果／努力s, however, led some 投資家s to believe Beijing will not 許容する LGFV defaults in public markets.
"When something is 分類するd as systemic 危険 in 中国, 政府 公式の／役人s will try their best to 信管を取り除く such 危険," said Zhai Jianye, general 経営者／支配人 of Shoupu 基金 管理／経営 Co.
While some LGFVs have cash 不足（高）s, their 公然と 貿易（する）d 社債s "are still 安全な as long as the 政府 remains committed to 返済", said Zhai, whose 社債 基金 上げるd LGFV holdings to 77% of its 大臣の地位, up from just 47% in January.
In a 調印する of such growing 信用／信任, the 危険 賞与金 of LGFV 社債s over 財務省s has shrunk five basis points (bps) this month on 普通の／平均（する） from a three-month high of 136.69 bps, によれば data provider 取引，協定ing Matrix.
"The logic of LGFV 社債 投資 is that money will be repaid as long as the 政府 wants to. It's just a 事柄 of how," said Zhou Tingzuo, co-創立者 of Shanghai-based he dge 基金 house Ning Yong Fu 基金 管理／経営 Co.
負債 拡張 in 私的な markets and more support from banks "is 明確に a way to 確実にする there will be no defaults in public 社債s," said Zhou, who has 増加するd his bets on LGFV 社債s.
Still, borrowing costs remain high for fiscally weak 州s such as Tianjin that 港／避難所't done enough to shore up 投資家 信用／信任.
Tianjin LGFV 社債s 産する／生じる more than 514 bps over 政府 社債s, compared with 200 bps for Shandong 社債s, 反映するing the elevated 危険s.
基金 経営者／支配人 Zhou said although he is bullish on LGFV 社債s, "the first 優先 is to be 絶対 diversified in 投資. I cannot go all in on any one 州." ($1 = 7.1680 Chinese yuan renminbi) (報告（する）／憶測ing by Samuel Shen and Jason Xue in Shanghai, Tom Westbrook in Singapore; Editing by Vidya Ranganathan and Muralikumar Anantharaman)
