BEIJING -- Local legislative bodies should play their due role in conducting review and oversight of local government debt to rein in risks, according to a recent meeting.
The video conference was attended by members of the Financial and Economic Affairs Committee of the National People's Congress (NPC) and the NPC Standing Committee's Budgetary Affairs Commission. The meeting was held following the release of a set of guidelines on strengthening local lawmakers' oversight of government debt.
Issued by the General Office of the Communist Party of China Central Committee, the guidelines addressed the prominent problems with the management and oversight of local government debt, and clarified how local people's congresses should carry out law-based review and oversight.
Demanding a full grasp of the guidelines, Shi Yaobin, vice chairman of the NPC Financial and Economic Affairs Committee and director of the NPC Standing Committee's Budgetary Affairs Commission, urged stricter supervision of local government debt to achieve a long-term balance between stabilizing growth and preventing risks.
According to the meeting, oversight of government debt should be listed among the key tasks of local legislative bodies, and detailed measures should be rolled out for implementing the guidelines.
The meeting also demanded whole-process supervision of all kinds of government debt and giving full play to the role of deputies from relevant fields.
Leading officials of the Ministry of Finance and the National Audit Office also attended the conference.