Top legislator urges stricter supervision of local gov't debt

Xinhua Updated: 2021-07-26

BEIJING -- Top legislator Li Zhanshu has called on local legislative bodies to step up oversight of local government debt to rein in risks.

Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National People's Congress (NPC) Standing Committee, made the remarks while presiding over a symposium on the topic.

The symposium followed the recent release of guidelines by the General Office of the CPC Central Committee on strengthening local lawmakers' oversight on government debt.

The guidelines addressed key issues arising from the practices of the management and oversight of local government debt and clarified how local people's congresses should carry out the supervision according to the law.

In performing their duties, lawmakers should keep in mind the importance of government debt risk control in promoting the country's high-quality growth, Li said, adding that the work must be carried out according to relevant budget and supervision laws.

He also called for the establishment of a unified information disclosure mechanism on local government debt to make the info more transparent.

The General Office of the NPC Standing Committee will roll out detailed measures on implementing the guidelines.

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