On January 10, the State Council Information Office held a series of press conferences on 'The Achievements of High-Quality Economic Development in China.' Vice Minister of Finance Liao Min stated at the conference that greater efforts would be made to support local governments in alleviating debt repayment pressures and enhancing development momentum. The quota for 2 trillion yuan replacement Bonds for 2024 was fully issued by December 18 of last year. The issuance work for the 2 trillion yuan replacement Bonds for 2025 has already begun. This replacement Bonds policy has achieved outstanding results in three areas: first, the current liquidity pressure on local governments has been greatly reduced; second, transparency of the debt has significantly increased; and third, the synergy in risk prevention and development promotion has been greatly enhanced. (Securities Times)