The Standing Committee of the National People's Congress approved an increase of 6 trillion yuan in the local government debt limit to replace existing hidden debts
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The Standing Committee of the National People's Congress approved an increase of 6 trillion yuan in the local government debt limit to replace existing hidden debts. The new debt limit will be entirely allocated as special debt limits, implemented over three years. By the end of 2024, the local government special debt limit will increase from 29.52 trillion yuan to 35.52 trillion yuan. The Ministry of Finance of the State Council will issue regional limits as soon as possible, and local governments will carry out bond replacement work in accordance with the law
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