Estimated active cases down 9 5%; capital goes to medium risk yellow
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COVID roundup: 21,897 new cases, 7 states now red on stoplight risk map
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Chinese regulators continue to address the country’s ongoing problems with local government debts. In a new notice, the China Banking and Insurance Regulatory Commission (CBIRC) and Ministry of Finance recently emphasized that banking and insurance institutions must not increase the hidden debts of local governments. This means that local government investment companies will be required to reduce existing debts, making them unable to easily find liquidity.
The “Guiding Opinions for Banking and Insurance Institutions to Further Do a Good Job in Preventing and Resolving Hidden Debt Risks of Local Governments” (Circular 15) stated that financial institutions may not add new hidden debts to local governments. Circular 15 also states that banking and insurance institutions must understand local government financing institutions’ debt and medium and long-term expenditures before providing finance. The CBIRC also issued a separate document providing guidance for loca
Pedro Martínez had paid health insurance for more than a decade and thought that would cover his treatment. What he didn’t realize was that the deductibles would jeopardise his entire family’s finances the moment he entered hospital in the western state of Jalisco.
“We had to pay $2,500 before they’d even admit my father to hospital. Then two days later they asked us for $5,000 more,” said Manuel, speaking by phone from Cuquío, the village where the family lives a two-hour drive from the hospital in the city of Zapopan.
“My father was getting worse, and the bill was getting bigger. In less than a week they asked us for a deposit of $15,000 or they wouldn’t treat him. When he died there was a bill of more than $60,000” – more than 13 times Mexico’s average annual wage.