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CN Local Govts Issue ~RMB3T Debt Swap Bonds in Total So Far, Greatly Reducing Debt Pressure: Lan Fo'an
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China's Finance Minister Lan Fo'an remarked at the economic-themed press conference of the Third Session of the 14th National Committee of the Chinese People's Political Consultative Conference that the introduction of the debt swap policy has greatly alleviated debt pressure by effectively mitigating local government debt risks. As of yesterday (5th), local governments have issued a total of RMB2.96 trillion in debt swap bonds. The interest rate level of the RMB2 trillion debt swap bonds issued last year has decreased by over 2.5 ppts on average. It is estimated that the interest on this portion of debt swap bonds will be reduced by more than RMB200 billion over five years, significantly easing local financial pressure and interest expenses. AAStocks Financial News |
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