[Ministry of Finance: As of the end of July, 1.73 trillion yuan of replacement bonds were issued in various places, completing 86.7% of the 2 trillion yuan quota for 2026] On October 9, the Ministry of Finance released a report on the implementation of China’s fiscal policy in the first half of 2026, effectively mitigating the existing hidden debt risks. The first is to resolve existing hidden debts in an orderly manner. We will implement a package of debt reduction plans and guide all localities to solidly advance the work of resolving local existing hidden debts. As of the end of July, 1.73 trillion yuan of replacement bonds had been issued in various places, completing 86.7% of the 2 trillion yuan quota for 2026. The second is to accelerate the reform and transformation of local government financing platforms. Guide local governments to speed up the resolution of existing hidden debts of financing platforms, clarify the rights and responsibilities of governments and enterprises in accordance with laws and regulations, and speed up the divestment of government financing functions of financing platforms. Cooperate with financial management departments to optimize debt risk resolution policies for financial support financing platforms, and guide financial institutions to reduce liquidity risks and interest burdens of financing platforms through debt restructuring and other methods.