China Vows to Advance Efforts to Defuse Local Government Debt

China pledged to step up efforts to defuse local government debt risk while supporting growth, as the State Council called for stronger policy execution in a challenging global environment.

Authorities will continue to roll out a comprehensive debt restructuring program that has already produced “clear results,” while boosting local governments’ capacity to service debt and ensuring debt obligations are resolved on schedule, China Central Television reported, citing a cabinet meeting chaired by Premier Li Qiang.