The reporter learned from the press conference of the 12th meeting of the Standing Committee of the 14th National People's Congress held on the 8th that the resolution of the Standing Committee of the National People's Congress on approving the Proposal of the State Council on Submitting for Deliberation the Increase of the Local Government Debt Limit to ｒｅｐｌａｃｅ the Existing Implicit Debt was passed. The proposal proposes to increase the local government debt limit by 6 trillion yuan to ｒｅｐｌａｃｅ the existing implicit debt, in order to implement the decisions and arrangements of the Party Central Committee and strengthen the responsibility of local entities.

Xu Hongcai, Vice Chairman of the Finance and Economic Committee of the National People's Congress and Director of the Budget Work Committee of the Standing Committee of the National People's Congress, introduced at the press conference that the proposal proposed that, in order to facilitate operation and give full play to policy effectiveness as soon as possible, all the new debt limits were arranged as special debt limits, which were submitted for approval at one time and implemented in three years. According to this arrangement, the limit of local government special debt will increase from 29.52 trillion yuan to 35.52 trillion yuan by the end of 2024.

Xu Hongcai said that the proposal has been approved by the Standing Committee of the National People's Congress, the financial department of the State Council will issue regional quotas as soon as possible according to the procedures, local governments will do a good job of bond replacement according to law, and people's congresses at all levels and their standing committees will do a good job of supervision according to law.