China Plans to Expand Program to Cut Local Debt Risks: Caixin

China intends to expand a program to help more local governments reduce debt risks, local media Caixin reported.

Another 19 localities have been approved by the nation’s State Council to apply for policy support on behalf of areas within their jurisdictions that have heavy debt burdens and face difficulty in repayment, the report said, citing multiple unidentified sources. If the applications are approved, the local governments will be able to enjoy policies that previously only covered 12 heavily indebted regions, Caixin said.