HMM: China Central Government Is Borrowing at Fastest Pace on Record. “In China’s 2023 budget — released earlier this month at the National People’s Congress — Beijing outlined plans to increase the central government’s borrowing by roughly 20% from last year to help finance a slightly bigger fiscal deficit and help provinces deal with increasing financial stress. It also plans to expand investment in infrastructure upgrades such as improving the drainage system in cities.”

Borrowing to ease debt is an idea so crazy I’m surprised it didn’t come out of Washington.