Chinese Finance Minister Lan Fuan announced that they plan to significantly increase the debt limit and intensify efforts to help local governments manage and resolve debt risks.
This initiative marks the strongest measure taken in recent years to support debt reduction. The government also plans to issue special bonds aimed at recapitalizing large state-owned commercial banks.
On October 12, the State Council Information Office held a press conference with the participation of Finance Minister Lan Fuan and other officials. The focus of the meeting was “strengthening the countercyclical adjustment of fiscal policy and promoting high-quality economic development.” Lan Fuan gave important information about China’s fiscal policy and answered journalists’ questions.
Lan Fuan stated that addressing local government debt risks is very important for the sustainable development of China’s financial system. Since 2015, the Ministry of Finance, in cooperation with relevant units, has been issuing local bonds to replace existing state debts. This initiative has successfully brought cities such as Beijing, Shanghai and Guangdong to zero implicit debt.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/beklenen-cin-toplantisi-gerceklesti-iste-toplantinin-detaylari/
