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On November 8, Minister of Finance Lan Foan introduced at the press conference of the 12th meeting of the Standing Committee of the 14th National People's Congress held on November 8 that to prevent and resolve local government debt risks, while addressing the risks of existing debt, we must resolutely curb new hidden debts. The Ministry of Finance will continue to maintain a high-pressure supervision posture of "zero tolerance" in conjunction with relevant departments. We will identify, investi...
Lan Foan, the finance minister, said that not adding hidden debt will be "iron discipline", continue to strengthen budget management, and urge local governments to build government investment projects in compliance with the law; government spending and investment projects that are not included in the budget arrangement will not be implemented, and resolutely block the way of local illegal debt borrowing.
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