# CNBC’s The China Connection newsletter: The ‘cliff’ beneath China’s cities

https://mins.news/en/item/116574

- CNBC, 2026-10-26 23:10 UTC
- Economy
- Original: https://www.cnbc.com/2026/10/27/china-fiscal-debt-gdp-imf-real-estate-.html

> Beijing has borrowing capacity, but heavily indebted local governments are cutting spending, increasing the pressure on growth and on China’s efforts to manage local debt.