Official economic reports from the National Bureau of Statistics of China or other reputable financial institutions

Xi Jinping Pledges Sweeping Support for Indebted Local Governments and Tax Reform

Jul 22, 2024, 05:21 AM

Chinese President Xi Jinping has pledged to increase support for local governments and deepen tax reform. This announcement comes as the ruling Communist Party unveiled its long-term economic plan. The sweeping plans include significant measures to bolster the finances of China's indebted local governments, addressing financial stability and competitiveness in the world’s second-largest economy. Xi's commitment to rewiring China's finances aims to shore up balance sheets and help indebted regions.