Fresh debt relief package to help local gov'ts refocus on economic growth: expert

China's newly approved debt relief package will help local governments refocus on revitalizing their economies without worrying about debt burdens in the coming years, a Chinese fiscal sciences expert said in Beijing on Friday.

Chinese lawmakers have approved a State Council bill on raising the ceiling on local government debt by 6 trillion yuan (about 840 billion U.S. dollars) to replace existing hidden debts. Under the new arrangement, the debt ceiling for special local government debt will be increased to 35.52 trillion yuan from 29.52 trillion yuan by the end of 2024.

"It is safe to say that the new quota is a timely help in freeing local governments from their debt dilemma, enabling them to pursue economic development and improve people's livelihoods without all the pressure," said Yang Zhiyong, president of the Chinese Academy of Fiscal Sciences.

Also starting from 2024, China will set aside 800 billion yuan from each year's new special-purpose bonds for local governments for five consecutive years, thereby providing debt relief to replace 4 trillion yuan of hidden debts.

The new measures will add a combined 10 trillion yuan to China's debt relief resources.

Meanwhile, the 2 trillion yuan of hidden debts resulting from housing improvement projects in run-down areas due by 2029 and beyond will be paid in accordance with the original contracts.

As a result, the amount of hidden debts that China's local governments need to deal with by 2028 is expected to drop from 14.3 trillion yuan to 2.3 trillion yuan.

"The recent announcement revealed that hidden debts of local governments across the country amounted to 14.3 trillion yuan at the end of 2023. This figure, which was identified project by project and audited step by step through various levels of government, served as the most important basis for policymaking. Faced with such data, we have taken steps to address and resolve the issue. I believe this demonstrates greater transparency in debt management. With this solid and transparent debt information, we have made more informed decisions," said Yang.

Fresh debt relief package to help local gov'ts refocus on economic growth: expert

Leaders from across the Arab and Islamic world on Monday denounced Israeli military actions in Gaza and Lebanon and issued a collective demand for an immediate ceasefire at a summit in Riyadh, Saudi Arabia.

Saudi Crown Prince Mohammed bin Salman inaugurated the summit, which the Saudi Press Agency reported was aimed at reinforcing previous regional efforts against what he termed "reprehensible Israeli attacks" on Palestine and Lebanon.

He reaffirmed Saudi Arabia's solidarity with the Palestinian and Lebanese people, calling on the international community to prioritize global peace and security by halting Israel's activities in the region.

The crown prince also urged pressure on Israel to respect the sovereignty of Iran and cease hostile actions on Iranian territories.

At the summit, Syrian President Bashar al-Assad condemned Israel's aggression against Palestine and Lebanon, as well as the acts of genocide committed against the Palestinian people.

He emphasized that if regional countries do not utilize the "tools" at their disposal to take concrete action, they would effectively become "indirect accomplices to genocide."

Meanwhile. Egyptian President Abdel-Fattah al-Sisi noted that the invasion of Palestinian and Lebanese territories is a challenge to the entire international system which is unacceptable, saying that Egypt strongly opposes any plans that undermine the Palestine cause.

Sisi also called for an end to the aggression against Lebanon, emphasizing the urgent need for a ceasefire and the full implementation of United Nations Security Council Resolution 1701.

Addressing a speech, Jordan's King Abdullah II urged the international community to take a firm stance and implement action to end the conflicts in Gaza and Lebanon.

He emphasized the need to prevent the worsening of the humanitarian disaster and to avoid plunging the region into a comprehensive war that would have dire consequences for all.

Arab, Islamic leaders condemn Israeli aggression against Palestine, Lebanon