Many lgfvs can no longer issue bonds in China's domestic market or refinance maturing ones.

许多地方政府融资平台无法再在中国国内市场发行债券或为到期债券再融资。

Borrowing often sits in local-government-financing vehicles (lgfvs), firms set up by officials to dodge rules which restrict their ability to borrow.

借款通常位于地方政府融资平台（lgfvs）中，这些公司由官员设立， 以规避限制其借款能力的规则。