China’s Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges

Key Points

China’s Ministry of Finance’s weekend press briefing underscored how it is focused on addressing local government debt, even though some investors were anticipating fiscal stimulus.
Minister of Finance Lan Fo’an laid out four measures, starting with increasing support for local governments in resolving debt risks.
“The press conference is consistent with our view that addressing local government financing struggles is a priority,” Robin Xing, chief China economist at Morgan Stanley, and his team said in a report Sunday.

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