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Lan Fo'an: CN to Directly Increase Local Debt Resolution Resources by RMB10T
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Lan Fo'an, the Minister of Finance, said at a press conference for the 12th meeting of the Standing Committee of the 14th National People's Congress that, starting from this year, RMB800 billion will be arranged from the new local government special bonds for 5 consecutive years to be used exclusively for bond resolution, and the cumulative amount of replaceable hidden debts was RMB4 trillion. Together with the RMB6 trillion debt limit approved by the Standing Committee of the National People's Congress this time, the authorities will directly increase local resources for debt resolution by RMB10 trillion. The hidden debts for shantytown renovation of RMB2 trillion due from 2029 onwards will still be repaid pursuant to the original contract. After leveraging on the synergetic effect of policies, the total amount of hidden debt to be absorbed by localities before 2028 dropped sharply from RMB14.3 trillion to RMB2.3 trillion, and the pressure to resolve the debt was greatly reduced, Lan added. AAStocks Financial News |
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