Debt relief has shifted to a new stage. A C¥12 tn increase in local government bond quota for debt relief announced by the NPC (National People’s Congress) on 8 November 2024 focuses on dealing with hidden debt. Total hidden debt is now set to fall from C¥14.3 tn (the first publication of an official tally) to C¥2.3 tn before 2028, effectively wrapping up the issue, reports MoF (Ministry of Finance).
Debt relief has shifted to a new stage. A C¥12 tn increase in local government bond quota for debt relief announced by the NPC (National People’s Congress) on 8 November 2024 focuses on dealing with hidden debt. Total hidden debt is now set to fall from C¥14.3 tn (the first publication of an official tally) to C¥2.3 tn before 2028, effectively wrapping up the issue, reports MoF (Ministry of Finance).
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