Minister of Finance, Lan Foan, stated at a press conference that the Ministry of Finance approved local government bonds issuance quotas of over 2.2 trillion yuan in 2023 to support debt resolution and repayment of corporate debts. In 2024, another 1.2 trillion yuan in local government bonds issuance quotas were approved. Goldman Sachs expressed that this is a signal indicating that the scale of the upcoming local government debt swap plan may be over 3.4 trillion yuan.
外资解读一揽子财政增量政策：基调积极 化债相关支持力度较大
Foreign analysis of the package fiscal incremental policy: positive tone with significant support for debt conversion.
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