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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.
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.
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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.
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.
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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.
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.
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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.
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.
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$HSI Futures Current Contract (HSIcurrent.HK)$ Finance Minister Lan Fuan: Adding the approved 6 trillion yuan debt ceiling directly increases the local bonded resources to 10 trillion yuan. Caixin reported on November 8th that 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 8th that starting from 2024, China will allocate 800 billion yuan annually from the newly added local government special bonds specifically for debt conversion, which can cumulatively replace 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, it directly increases local bonded resources by 10 trillion yuan. It is also clear that the hidden debts of 2 trillion yuan for shantytown renovation due in 2029 and beyond will still be repaid according to the original contracts. Lan Fuan stated that after policy coordination efforts, before 2028, the total hidden debts that local governments need to digest will decrease significantly from 14.3 trillion yuan to 2.3 trillion yuan, greatly easing the debt conversion pressure.
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