The Central Committee of the Communist Party of China and the State Council: Establish a sustainable urban construction and operation investment and financing system to leverage the financing functions of the bond market and stock market

The Central Committee of the Communist Party of China and the State Council issued opinions on promoting high-quality urban development. Among them, it was proposed to establish a sustainable investment and financing system for urban construction and operation. Implement the main responsibility of local governments, coordinate financial funds, social capital, and financial channels. For matters involving major safety and basic livelihood guarantees, the central government will increase special transfer payment support, and appropriate subsidies will be provided for central budget investments. Innovate fiscal and financial policy tools to attract and regulate social funds' participation, and cautiously advance public utility price reforms. Strengthen the supply of medium- and long-term credit, leverage the financing functions of the bond market and stock market, and encourage institutions such as insurance and trusts to provide financial services. Accelerate the reform and transformation of financing platforms, and resolutely curb the increase of implicit local government debt