The Third Session of the 14th National People's Congress held an economic theme press conference today (6th), and the heads of relevant departments answered questions from Chinese and foreign reporters on issues such as development and reform, fiscal budget, business, financial securities, etc.
Finance Minister Lan Foan said that the pressure on debt removal has been greatly reduced and local government debt risks have been effectively alleviated. As of March 5 this year, local governments have issued a total of 2.96 trillion yuan in replacement bonds. The interest rate level of the 2 trillion yuan replacement bonds issued last year decreased by more than 2.5 percentage points on average, and the decline in some regions was even more obvious. It is expected that the interest rate of these replacement bonds will decrease by more than 200 billion yuan in five years, greatly reducing local financial pressure and interest expenditure.
