On March 4th, Lou Qinjian, spokesperson for the Third Session of the 14th National People's Congress, said that by the end of last year, the 2 trillion yuan replacement bond quota for 2024 had been fully issued, and most areas had completed the replacement. The relevant work on the issuance of 2 trillion yuan replacement bonds in 2025 has been started. The Standing Committee of the National People's Congress will, in accordance with relevant laws and regulations, strengthen the supervision of the management of government debt, especially the follow-up supervision of the implementation of increasing the local government debt limit to replace the stock of hidden debt, and promote the further strengthening of government debt management.