The Zhitong Finance App learned that on October 23, the Ministry of Finance held a press conference on fiscal revenue and expenditure for the first three quarters of 2026 to introduce the fiscal balance for the first three quarters and answer questions from reporters. Zhao Zeyong, deputy director of the Department of Debt Management, mentioned that in January-September, the country issued a total of 189.7 billion yuan of special bonds to replace existing hidden debts, completing 95% of the annual limit of 2 trillion yuan. So far, the issuance progress of the 6 trillion yuan hidden debt replacement limit has reached 98.3%. The implementation of the replacement policy has brought “timely rain” to prevent and resolve local government debt risks. Not only has it greatly reduced debt interest expenses, but it has also freed up more financial resources for the “Three Guarantees” and undertakings in urgent need of development.

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