Hualong

But behind the impressive infrastructure already in Puyang, that includes broad streets and big squares, is a mountain of local debt. According to a government document, Hualong, the downtown district that houses the current railway station and future high-speed railway terminal, had implicit off-budget liability – borrowing through local financing vehicles or from guaranteeing local development loans – of 2.6 billion yuan (US$378 million) at the end of June 2018, three times its on-budget debt.