According to Finance Minister Lan Fo’an, this will reduce the local government “hidden debt” burden from 14.3 trillion yuan (US$1.98 trillion) to 2.3 trillion yuan before 2028, “greatly reducing” the pressure they are under.
tirsdag 19. november 2024
EXPLAINED: How much hidden debt do local governments in China carry?
China’s Ministry of Finance has announced 10 trillion yuan (US$1.38 trillion) of new measures to alleviate debt burdens on local governments at the end of a weeklong meeting earlier this month by the National People’s Congress Standing Committee. The ministry announced that the central government will increase the local government debt limit by 6 trillion yuan (US$830 billion) over three years, by 2 trillion yuan a year, as well as issuing 4 trillion of special local government bonds over the next five years starting in 2024 to finance the repayment of “hidden debt.”
According to Finance Minister Lan Fo’an, this will reduce the local government “hidden debt” burden from 14.3 trillion yuan (US$1.98 trillion) to 2.3 trillion yuan before 2028, “greatly reducing” the pressure they are under.
According to Finance Minister Lan Fo’an, this will reduce the local government “hidden debt” burden from 14.3 trillion yuan (US$1.98 trillion) to 2.3 trillion yuan before 2028, “greatly reducing” the pressure they are under.
