Next year, the 2.8 trillion yuan quota for resolving local hidden debts will be used in advance.

On September 12, at a press conference held by the State Council Information Office, Minister of Finance Liao Baofa stated that they will continue to implement a comprehensive debt conversion measure, advance the issuance of a portion of the new local government debt limit for 2026, prioritize the use of debt conversion limits, and take various measures to resolve existing hidden debt. Yang Zhiyong, the President of the Chinese Academy of Fiscal Sciences, told First Financial that this means that in the future, they will optimize the debt conversion plan based on actual needs and act promptly, demonstrating an improvement in fiscal governance capability.