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Speech - opening ceremony of the Asian Financial Forum

· Pan Gongsheng, Governor of the People's Bank of China (China)

Summary written by Dark Majestic in its own words · topics: public finances and debt, growth, investment and productivity

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· Pan Gongsheng Wiki · People's Bank of China WikiSpeech - opening ceremony of the Asian Financial Forum

ContextOpening speech at the Asian Financial Forum in Hong Kong, before the city's Chief Executive; the People's Bank of China conducts monetary policy and supports a slowing Chinese economy.

Why it mattersChina's governor details the large local government debt swap meant to reduce hidden debt risks.

Problems raised
  1. Local government debt risks are high in China.
  2. Hidden debts weigh on local finances.
  3. Growth needs support.
Solutions proposed
  1. Raise the local debt ceiling by RMB6 trillion.
  2. Swap RMB4 trillion of hidden debt.
  3. Reduce financing vehicle risks.
Read full speech on bis.org ↗

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