State Council: Continue to Promote the Resolution of Risks in Real Estate and Local Government Debt

The State Council Premier Li Qiang presided over the executive meeting of the State Council on Saturday, which called for strong and effective responses to risks and challenges, continued efforts to resolve risks in real estate, local government debt, small and medium financial institutions, and other areas, closely monitoring safety production responsibilities of all parties, and resolutely preventing major accidents.

The meeting discussed advancing the work related to resolving risks in local government debt. The meeting pointed out that since the implementation of the comprehensive debt resolution plan, significant progress has been made in risk mitigation, and policies to support debt resolution will be improved, enhancing local governments’ autonomous debt repayment capabilities, ensuring the timely completion of debt resolution tasks, and establishing sound long-term mechanisms to prevent new hidden debts.

The meeting also stated that macro policies should focus on making good use of existing tools, exerting full effort, and continuously improving implementation effectiveness. To strengthen the domestic cycle, breakthroughs should be sought in coordinated supply and demand and upgraded linkage, and measures to expand and improve the quality of the service industry should be implemented and refined.

The meeting further emphasized the need to intensify basic research with greater efforts and more concrete measures, placing basic research on an important agenda, aligning with urgent national needs and long-term requirements, clarifying main directions and key areas, increasing investment through multiple measures, and fostering a favorable scientific research environment.