Skip to content
magazine of the Communist Party of China Central Committee. He said more efforts a
re needed to implement the proactive fiscal policy and boost efficiency this year.
Preventing and defusing local governments’ hidden debt risks is key to controlling major risks, he said.
Innovative financial tools will be introduced for debt swaps, and the indebted comp
anies will be allowed to choose the same way, under guidance from the local governments, Liu Shangxi, hea
d of the Chinese Academy of Fiscal Sciences, the Ministry of Finance’s think tank, told China Daily.
“The total amount of hidden debt waiting to be swapped has not yet been calculated, as this
round of debt swaps will not involve the government’s administrative orders, but depends on the ma
rket’s appetite based on the evaluation of the potential default risks and the companies’ solvency,” he said.
China officially launched the “no-waste city” pilot program in 16 area
s on Monday as it steps up efforts to recycle its increasing waste stockpile.
The pilot program covers the entirety of 11 cities, including Shenzhen, Guangdong pr
ovince, and Weihai, Shandong province, and sections of the other five cities.
The central government has made arrangements to offer support to
the pilot areas in policy, technology and funding, said Zhuang Guotai, vice-mi
nister of ecology and environment, at the launch ceremony in Shenzhen on Monday.
He said an expert committee has been established to guide the pilot program and
evaluate progress, and seven groups have been put in place to offer technical support.