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[data from the ministry of finance shows that by the end of 2023, the national government statutory debt balance will be 70.77 trillion yuan. among them, the national debt balance is 30.03 trillion yuan, and the local government statutory debt balance is 40.74 trillion yuan.]

china has made new arrangements for the management of more than 70 trillion yuan of government debt.

recently, the website of the national people's congress of china released three important reports, namely, the "report on the management of government debt in 2023" (hereinafter referred to as the "debt management report"), the "supervision and research report on the management of government debt in 2023" (hereinafter referred to as the "debt research report") of the financial and economic committee and the budget committee of the national people's congress, and the "report on the implementation of the budget since the beginning of the year" (hereinafter referred to as the "budget implementation report"), which made comprehensive arrangements and suggestions for the next step of government debt management, focusing on coordinating the resolution of local government debt risks and stable development, and establishing a government debt management mechanism that is compatible with high-quality development.

new deployment of debt management

in order to strengthen the national people's congress' supervision over government debt, at the 11th meeting of the standing committee of the 14th national people's congress held recently, the standing committee of the national people's congress heard and deliberated the above-mentioned "debt management report" for the first time. the report made comprehensive arrangements for the next step of government debt management.

in order to cooperate with the above-mentioned npc to listen to the government debt report, the npc finance and economics committee and the preliminary working committee conducted research in 20 provinces and formed a "debt research report". this report points out the main difficulties and problems in the current government debt management and gives corresponding suggestions.