PBOC: China's LGFVs drop over 60%, their financial debt falls 50%

Pan Gongsheng, governor of the People's Bank of China (PBOC), reported significant progress in curbing local government financial risks, noting that the number of local government financing vehicles (LGFVs) has dropped by over 60% and local government debt has fallen by more than 50%.

"The economy is the foundation of finance. Many economic issues often surface through financial channels, spill over externally, and intertwine with financial risks. At the macro level, we must maintain a dynamic balance between economic growth, structural adjustment, and financial risk prevention, uphold high-quality economic development, and, from the