Lan Foan: As of the end of August, the average interest cost of debt refinancing in various regions has decreased by over 2.5 percentage points.

On September 12, Minister of Finance Liao Vegas announced at the State Council Information Office's press conference on "High-quality completion of the 14th Five-Year Plan" that in the fourth quarter of last year, the Ministry of Finance launched a package of debt conversion measures. By the end of August this year, the one-time increase of 6 trillion yuan in special debt limits had already issued a total of 4 trillion yuan; after replacement in various regions, the average interest cost of debt had decreased by more than 2.5 percentage points, saving more than 450 billion yuan in interest expenses.