2018年6月中国地方政府融资工具分析报告（英文版）（36页）

1 Onshore defaults back in focus

2 LGFV policy changes in recent years

3 Relative value

4 Sector strategy and key recommendations

5 Categorization of LGFVs

6 Technicals: Less negative due to lower supply but investor base still narrow

7 Background of Individual LGFVs