China's Finance Ministry will hold a briefing in Beijing on Friday at 4 p.m. to discuss a new debt swap program for local governments. This program aims to allow local authorities to refinance their off-balance-sheet debt, which is expected to provide fiscal support for the economy.
The briefing comes after a weeklong meeting of the National People’s Congress, where lawmakers have been discussing strategies to transfer some of the off-balance-sheet debt of local governments to their official accounts. This initiative is part of broader efforts to improve financial stability and transparency in the local government financing system.