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Minister of Finance, Lan Fo'an: With the approved additional 6 trillion yuan debt ceiling, the direct increase in local bond resources reaches 10 trillion yuan. Caifin11 reported on November 8th that Minister of Finance Lan Fo'an introduced at the press conference of the 12th meeting of the 14th National People's Congress Standing Committee held on November 8th that starting from 2024, China will allocate 800 billion yuan annually for five consecutive years from the newly added local government special bonds, specifically for debt restructuring, cumulatively replacing 4 trillion yuan of hidden debts. In addition to the 6 trillion yuan debt ceiling approved by the National People's Congress Standing Committee this time, the direct increase in local bond resources amounts to 10 trillion yuan. It was also clarified that the 2 trillion yuan of hidden debts for shantytown renovation due after 2029 will still be repaid according to the original contracts. Lan Fo'an stated that after the concerted efforts of policies, the total hidden debts that local governments need to digest will drop significantly from 14.3 trillion yuan to 2.3 trillion yuan by 2028, greatly relieving the pressure of debt restructuring.