At the press conference of the 12th meeting of the Standing Committee of the 14th National People's Congress held on November 8, Minister of Finance Lan Foan introduced that starting from 2024, our country will arrange 800 billion yuan from the new local government special project bonds every year for five consecutive years, which is specially used for chemical debt, and the accumulated replaceable hidden debt is 4 trillion yuan. Coupled with the 6 trillion yuan debt limit approved by the Standing Committee of the National People's Congress, the local debt resources will be directly increased by 10 trillion yuan. At the same time, it is also clear that the hidden debt of shantytown renovation due in 2029 and later 2 trillion yuan will still be repaid according to the original contract. Lan Foan said that after policy coordination, the total amount of hidden debt that local governments need to digest will drop sharply from 14.30 trillion yuan to 2.30 trillion yuan before 2028, and the pressure of debt reduction will be greatly reduced. (Xinhua News Agency)