Together in the first quarter of 2009 credit issuance came to 4.6 trillion yuan, with the top four being responsible for 3.433 trillion yuan. More new credit was issued in three months than the official fiscal stimulus would provide for the next two years. Meanwhile, provincial and city governments were enjoined to work with local banks. The main mechanism for financing their local spending were so-called city investment companies, or local government financing vehicles—the “shock troops of the stimulus.” These SPVs were endowed with parcels of municipal land against which they borrowed to
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