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.
service consumption accounting for 47.7 percent, up 1.4 percentage points year-on-year
. Meanwhile, sluggish auto consumption dragged the whole consumption growth.
The continuous decline of auto consumption has become
a key for stabilizing this year’s consumption, said Liu Xiaoguang, a resear
cher at the National Academy of Development and Strategy at Renmin University of China.
Mao Shengyong, spokesperson for the National Bureau of Statistics, recently said t
hat based on March data, auto production fell, however, the drop was narrowing.
The National Development and Reform Commission was reportedly considering a sl
ew of new measure to boost spending on automobiles, home appliances and consum
er electronics products. It has sent a draft plan to encourage consumption in the three sectors.