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Finance Minister Lan Fuan: With the approved 6 trillion yuan debt limit directly increasing local bond resources to 10 trillion yuan. Finance Social 11th, Finance Minister Lan Fuan introduced at the press conference of the 12th meeting of the 14th National People's Congress Standing Committee held on November 8, that starting from 2024, China will allocate 800 billion yuan annually for five consecutive years from the new local government special bonds, specifically for debt restructuring, which can cumulatively replace hidden debts of 4 trillion yuan. In addition to the 6 trillion yuan debt limit approved by the National People's Congress Standing Committee this time, it directly increases local bond resources to 10 trillion yuan. It is also specified that the 2 trillion yuan hidden debts for shantytown renovation due in 2029 and beyond will still be repaid according to the original contract. Lan Fuan stated that after the policy coordination efforts, before 2028, the total hidden debt that local governments need to digest will drop significantly from 14.3 trillion yuan to 2.3 trillion yuan, greatly reducing the pressure of debt restructuring.