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1、 Asia Pacific Credit Research 04 June 2018 China Local Government Financing Vehicles A rough (and tough) ride ahead given limited transparency, but there are alternatives Asia Corporate Research Varun Ahuja, CFA AC (852) 2800 6038 Tiantian Teng AC (852) 2800-7024 J.P. Morgan Securities (Asia Pacific2、) Limited See page 33 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. 3、Investors should consider this report as only a single factor in making their investment decision. The emergence of LGFVs and their growing representation in the USD bond markets continues to catch investor interest. Major policy shifts have raised questions as to whether all LGFV can be considered provincial debt, and this is further underscored by recent onshore defaults, including some SOEs,