How to Crack Down on Local Hidden Debt Concealment and Underreporting? PBOC's Wang Jun Suggests Perfecting Supervision and Accountability Mechanisms

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2026-03-15 14:06:00

Abstract generation in progress

Caixin: A new round of local debt restructuring began in July 2023 and has now lasted over two years. With the support of debt restructuring policies, significant progress has been made in resolving risks in key areas, but some deep-rooted issues are restricting the quality and effectiveness of debt resolution efforts.

During the 2026 “Two Sessions,” Wang Juntan, a deputy to the National People’s Congress and the head of the People’s Bank of China Henan Branch, proposed suggestions on improving the supervision and accountability system for local hidden debts.

“Were currently in a critical phase of resolving local hidden debt risks. It is urgent to improve the supervision and accountability mechanism for local hidden debts at the institutional level, promote local governments to lawfully,规规、全面、客观地识别、报告和处置隐性债务，坚决守住不发生系统性、区域性风险的底线,” Wang Juntan wrote in the proposal.

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