Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
CN NPC Approves Raising Local Govt Debt Limit by RMB6T to Swap Existing Implicit Debts
Recommend 13 Positive 42 Negative 21 |
||||
|
||||
|
The 12th meeting of the Standing Committee of the 14th National People's Congress concluded in Beijing, Xinhua News Agency reported. The meeting voted to approve the "State Council's Proposal on Increasing the Local Government Debt Limit to Swap Existing Implicit Debts" to raise the local government debt limit by RMB6 trillion for swapping existing implicit debts. Xu Hongcai, Deputy Director of the National People's Congress Financial and Economic Affairs Committee and Director of the Budgetary Affairs Commission of the Standing Committee of the National People's Congress, introduced at a press conference that the proposal suggests that, for ease of operation and to maximize policy effectiveness early, the entire new debt limit will be allocated as a special debt limit, approved in one go, and implemented over three years. According to this arrangement, the local government special debt limit will increase from RMB29.52 trillion to RMB35.52 trillion by the end of 2024. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
