Beijing will tighten control on local government debt, especially to curb risks arising from "hidden debt", to maintain financial stability, said the Finance Minister Liu Kun on Tuesday.
In the next step, China will speed the development of a "long-term supervision mechanism" on local government debt, said Liu when delivering a report on the government's budget enforcement at a meeting of the National People's Congress Standing Committee.
The country will continue to push forward the local government debt swap program, a way to repay the outstanding debt using money raised through issuing bonds aimed to prevent an . . .
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