Ministry of Finance: Accelerate the establishment of a sound government debt management mechanism that is conducive to high-quality development.

Minister of Finance Luan Fu'an stated at the State Council Information Office's "High-Quality Completion of the 14th Five-Year Plan" series of thematic press conferences on September 12th, "During the 15th Five-Year Plan period, we will continue to coordinate development and security, accelerate the establishment of a sound government debt management mechanism that is in line with high-quality development, convert debt into development within development, and provide strong support for the stable and far-reaching development of the economy. First, reduce the existing debt. Continue to implement a package of debt conversion measures, pre-allocate a portion of the new local government debt limit for 2026, use debt conversion quotas in advance, and take multiple measures to resolve existing hidden debts. Second, increase management. Strictly manage the local government debt limit to ensure that it is used well, repaid on time, and sustainable. Strengthen the full life-cycle management of special bond "borrowing and repayment," promote the merged management of hidden debts and statutory debts, and establish a unified long-term regulatory system. Increase the transparency of debt information disclosure in accordance with the law. Third, multiply efficiency. Scientifically arrange the scale and structure of bonds, reasonably grasp the timing and pace of issuance, ensure funding for major projects and key areas, improve the performance of bond funds, and better leverage the amplification effect of government bonds. Fourth, divide risks. Strengthen risk monitoring and early warning, from post-event "firefighting" to preventing risks in advance. Improve the management mechanism of special bond repayment reserve funds to prevent default risks. Maintain a "zero tolerance" high-pressure regulatory stance, cascade pressure through all levels, strictly implement lifelong accountability for borrowing and the debt issue inquiry mechanism, and resolutely curb the increase of hidden debts.