The State Council recently held a video conference on preventing and resolving local debt risks. Premier Li Qiang said the work of resolving debt is not only a tough battle, but also a protracted battle.
China's local government debt risks are currently generally controllable. The achievements of debt reduction deserve full recognition and laid the foundation for further economic and social development, Li said. The key is to build a debt management mechanism compatible with high-quality development, and the other is to seize the main body that breeds hidden debt-the financing platform.