Twelfth Meeting of the 14th National People's Congress Standing Committee: Review of Proposal to Increase Local Government Debt Limits to Replace Existing Hidden Debt.

The proposal under review indicates a potential for a substantial one-time bond replacement. There have been differing opinions in the market regarding how to issue replacement bonds, with some suggesting special government bonds or additional treasury bonds for replacing local hidden debt, while others believe local government bonds should be issued for this purpose. Based on the proposal's title, it is likely that local government bonds will be issued for replacement.

The meeting also reviewed the draft of the Preschool Education Law and the revised draft of the Cultural Relics Protection Law.