China’s premier is pushing for debt-for-equity swaps and more aggressive measures to reduce the burden on struggling local governments as Beijing tries to capitalise on improved indications for economic growth in the first quarter.
Premier Li Keqiang said yesterday that some localities would be allowed to reduce contributions to social security funds while all central budgetary investment would be allocated in the first half.
“Policy measures taken so far have paid off. At the same time, a lot remains to be done to ensure steady growth, advance reform and achieve further restructuring of the economy,” Mr Li said at a meeting of provincial leaders.
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