Debt restructuring advances towards a new stage of systemic governance.

Since the launch of the "comprehensive debt restructuring plan" in July 2023, China's local debt resolution work has continued to deepen. Over the past two years, from reducing hidden debt pressure to lowering financing costs, from expanding special bonds to restructuring regulatory systems, the debt restructuring campaign has achieved phased results. Recently, the Ministry of Finance established the Debt Management Department, marking the transition of debt management from "crisis resolution" to a new stage of "systematic governance." Industry experts believe that the focus of the next stage of debt restructuring will be on continuing to prevent risks and stabilizing leverage, while also focusing on improving systems and long-term mechanisms in order to transition from phased debt restructuring achievements to high-quality, sustainable fiscal governance.