China's parliament standing committee has reviewed a proposal to increase local government debt, according to state media. The move aims to replace hidden debt, with Finance Minister Lan Fo'an speaking at the meeting. Local authorities in China have historically managed public services spending but struggled financially due to decreased revenue from land sales. This development comes as China's economy slows down.

Source: https://www.cnbc.com/2024/11/05/china-reviews-plan-to-increase-local-government-debt.html