On December 16, the State Council Information Office held a regular briefing on the State Council’s policies to introduce the strengthening and improvement of local government debt management.
According to Xu Hongcai, Vice Minister of Finance, the local government debt ratio at the end of 2020 is 93.6%, which is not high overall.
The internationally accepted standards are between 100% and 120%.
Overall, the debt ratio of China's local governments is not high.
The long-term upward trend of China's economy will not change, creating good conditions for us to guard against risks and implement macro-control.
Preventing and resolving local government debt risks have achieved positive results. The level of debt-related indicators is generally not high, but risks in some areas cannot be ignored. There are still hidden debt problems. We are also actively taking measures to prevent and resolve them.
(Dong Zeyu)
Editor in charge: [Lu Yan]