Pan Gongsheng: "During the 14th Five-Year Plan period, the level of debt risk of local government financing platforms has significantly reduced."

On September 22, when introducing the achievements of the development of the financial industry during the "14th Five-Year Plan" period, Pan Gongsheng, the Governor of the People's Bank of China, stated at a press conference of the State Council Information Office that during the "14th Five-Year Plan" period, in resolving the debt risks of financing platforms, the People's Bank of China has promoted local governments to coordinate funds, assets, and resources to resolve debt risks, stripped the government financing function of financing platforms, transformed them into market-oriented operating entities, guided financial institutions to reduce liquidity risks and interest burdens of financing platforms through debt restructuring, and achieved important stage results. The number of financing platforms has decreased by more than 60%, and the scale of financial debts has decreased by more than 50%. Overall, the level of debt risks of local government financing platforms has significantly converged.