China calls for continuous efforts to defuse local government debt and real estate
Chinese Premier Li Qiang chaired a State Council executive meeting that called for continuous efforts to defuse risks in areas such as real estate, local government debt, and small and medium-sized financial institutions.
After a comprehensive debt resolution plan was put into effect, efforts to mitigate local government debt risks have made notable progress, and policies supporting debt reduction will be refined to enhance local governments' capacity to service debt, ensuring debt obligations are resolved on schedule, according to the meeting.
Long-term mechanisms for debt management should also be established to prevent the emergence of new hidden debt, the government said.
Besides, the meeting unveiled that China should seek breakthroughs in supply-demand coordination and the interconnected upgrading of both supply and demand to strengthen domestic circulation.
Regarding the service sector, China needs to implement and optimize the measures for expanding its capacity and improving quality.
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