Onshore LGFVs 1H2019 Review: Policies and financing environment remained accommodative but credit polarization among LGFVs became more pronounced

In 1H2019, monetary and macroeconomic policies remained accommodative with adequate liquidity in the market which improved the financing of LGFVs marginally. Overall policies on LGFVs remained restrictive and resolute steadfastly to resolve their implicit debt by pushing forward the reform and commercialization programs.