Latest news with #localGovernments
Bloomberg
2 days ago
- Business
- Bloomberg
Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom
Utah is betting that the 2034 Winter Olympics can do more than bring the world to Salt Lake City. It wants the Games to jumpstart a lasting economic transformation. Local governments and agencies issued more than $4 billion of municipal bonds this year, fueling a surge of development across Salt Lake City, nearby ski resorts and the booming tech corridor to the south. Those debt issuances mark a 140% increase compared what Utah-based borrowers sold during the same period last year, according to data compiled by Bloomberg.
South China Morning Post
08-07-2025
- Business
- South China Morning Post
How can China get consumers spending? Here are 5 ideas being floated in Beijing
China has made boosting consumer spending a key policy priority in recent months, as it tries to rebalance its economy away from a reliance on exports and offset the impact of an unprecedented trade war with the United States. The country has launched a massive trade-in programme for consumer goods that has succeeded in driving up sales of everything from cars to smartphones, but there are signs that the policy is starting to lose momentum and deflationary pressure continues to affect the economy. That has led to growing calls for the government to take further action, with top Chinese economists floating a range of new policy proposals. Here are five of the ideas being discussed. Assess local officials based on their ability to boost consumption Bai Chongen, dean of the School of Economics and Management at Beijing's prestigious Tsinghua University, has suggested making consumption a key performance indicator for local governments. China's appraisal system for local cadres plays a key role in determining which officials are promoted to higher levels of government, and the system is known to shape officials' priorities while in office. If local economic growth remains the top performance metric, officials will keep prioritising investment-driven development, leading to oversupply, price instability and mounting debt pressure, Bai said in an interview with China News Service. Making consumption a key performance metric, he argued, would instead steer local governments towards a more sustainable growth model – one that fosters stable employment and strengthens consumer confidence.
South China Morning Post
08-07-2025
- Business
- South China Morning Post
How can China get consumers spending? Here are 5 ideas being floated in Beijing
China has made boosting consumer spending a key policy priority in recent months, as it tries to rebalance its economy away from a reliance on exports and offset the impact of an unprecedented trade war with the United States. Advertisement The country has launched a massive trade-in programme for consumer goods that has succeeded in driving up sales of everything from cars to smartphones, but there are signs that the policy is starting to lose momentum and deflationary pressure continues to affect the economy. That has led to growing calls for the government to take further action, with top Chinese economists floating a range of new policy proposals. Here are five of the ideas being discussed. Assess local officials based on their ability to boost consumption Bai Chongen, dean of the School of Economics and Management at Beijing's prestigious Tsinghua University, has suggested making consumption a key performance indicator for local governments. China's appraisal system for local cadres plays a key role in determining which officials are promoted to higher levels of government, and the system is known to shape officials' priorities while in office. If local economic growth remains the top performance metric, officials will keep prioritising investment-driven development, leading to oversupply, price instability and mounting debt pressure, Bai said in an interview with China News Service. Advertisement Making consumption a key performance metric, he argued, would instead steer local governments towards a more sustainable growth model – one that fosters stable employment and strengthens consumer confidence.
Yahoo
24-06-2025
- General
- Yahoo
LDEQ offering $20,000 grants to local governments for waste tire problem
(Photo credit: Wes Muller/Louisiana Illuminator) The state is offering money to local governments to help tackle illegally dumped waste tires. The Louisiana Department of Environmental Quality is now accepting applications for its Waste Tire Pilot Program. It offers up to $20,000 per recipient in funding for tire-related cleanup, enforcement and prevention initiatives to address what LDEQ says is a widespread problem across the state. Examples include: Equipment purchases to support cleanup or prevention of illegal dumping; Overtime or labor costs for parish or municipal staff handling collection or enforcement; Site-specific cleanup of newly discovered illegal tire dump locations; and Installation of barriers, signage or fencing to prevent future dumping. LDEQ developed the program following a series of regional town halls the agency hosted last year to gain insights from local officials and residents across the state on how to address illegal tire dumping. 'This program reflects our commitment to practical, collaborative solutions for Louisiana's environmental challenges,' LDEQ Secretary Courtney Burdette said in a news release. 'We are proud to provide our local partners with tools that will help clean up communities, protect our environment and enhance public health in a meaningful way.' Funding for the initiative comes from fees the state collects from companies that dispose and recycle waste tires. To be considered for the Waste Tire Pilot Program, municipalities and parishes must submit a proposal by July 18 outlining how the funds would be used to address unauthorized waste tire disposal in their jurisdiction. Proposals can be emailed to or mailed to: Louisiana Department of Environmental Quality, Office of Environmental Services, P.O. Box 4313, Baton Rouge, LA 70821-4313. Attn: Dutch Donlon For questions or more information, call (225) 219-3388. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
ArabGT
24-06-2025
- Automotive
- ArabGT
China's Zero-Mileage Used Cars Explained
Imagine heading to a used car lot and finding it filled with shiny electric vehicles that look like they just rolled off the production line. The 'new car' smell still fills the cabin, the seats are wrapped in plastic, and the odometer barely registers any mileage. Yet, the paperwork says it's a used car. This isn't a fictional scenario, but part of a growing practice in China's auto industry: the 'zero-mileage used car.' Chinese car manufacturers are registering brand-new vehicles as used and exporting them abroad at lower prices. This tactic, known as the export of zero-mileage used cars, has become increasingly widespread—actively supported by local governments, even as it draws criticism from top industry officials and regulators. How does the scheme work? It starts the moment a car leaves the factory. It's registered in the name of a local dealer or affiliated company, receiving official license plates in China. This formally reclassifies it as a used vehicle. In some cases, no actual payment is made to the manufacturer, or it is deferred—making the transaction largely symbolic for the sake of recording a sale. The car is then resold domestically or exported abroad as 'used.' This allows manufacturers to log it as a completed sale and book the revenue—without the vehicle ever reaching an actual consumer in China. For local governments, the strategy is a convenient way to boost economic output and meet growth targets, often linked to officials' promotions and access to funding from Beijing. Why is China doing this? The answer lies in the structural challenges facing its auto industry: overproduction, the aftermath of massive government subsidies, and fierce domestic competition. As a result, automakers are resorting to any means—sometimes accounting tricks—to clear excess inventory and inflate performance metrics. According to Wei Jianjun, CEO of Great Wall Motors, more than 4,000 dealers are believed to be involved in this scheme. He compared the situation to the collapse of property giant Evergrande, suggesting that a similar crisis may be brewing in the EV sector. Local government support Despite growing concerns, at least 20 local governments—including major provinces like Guangdong and Sichuan—have openly backed the export of zero-mileage used cars. Support measures include simplified registration processes, fast-tracked tax rebates, free warehouse space near borders, and promotional funding through e-commerce platforms like Alibaba. In Shenzhen, local authorities pledged in 2024 to expand these exports, targeting 400,000 vehicles annually. Guangzhou has even allocated additional registration quotas specifically for gasoline vehicles intended for export. Inflated figures and a distorted market In 2023, China surpassed Japan to become the world's largest car exporter, shipping 6.41 million vehicles. The China Automobile Dealers Association estimates that about 6% of these were zero-mileage used cars. Within the used car segment, the figure is even more striking—around 90%. These exports largely include gasoline-powered vehicles, alongside a substantial share of electric cars that benefited from domestic subsidies and yield healthy profit margins when resold in regions like Central Asia. Global reactions The practice has triggered mixed reactions worldwide. Russia has banned the import of zero-mileage used Chinese cars from brands that already have local dealerships. Jordan has started redefining what qualifies as a used car, setting a minimum time between registration and export. Domestically, however, official silence prevails. China's ministries of commerce and foreign affairs have not responded to Reuters' inquiries, raising more questions about the legality and ethics of the practice.
