The Ministry of Finance will establish a Debt Department to coordinate the management of government debt.

[The Ministry of Finance will establish a Debt Department to coordinate the management of government debt] Against the backdrop of the continuous promotion of a package of debt consolidation, the Ministry of Finance is about to set up a new department that specializes in government debt management. Previously, the functions of government debt management were mainly undertaken by the Government Debt Management Office of the Budget Department; the Treasury Department had the National Debt Management Office and the National Debt Issuance and Redemption Management Office, which were responsible for the management of the issuance and redemption of domestic government debt; the Government Debt Research and Evaluation Center, a subordinate institution of the Ministry, cooperated with the Budget Department to carry out government debt statistical analysis, compliance monitoring of government bond issuance and use, research on policies related to government debt information, and system construction. In addition, the Supervision and Evaluation Bureau of the Ministry of Finance has strengthened its supervision and inspection of local illegal borrowing in recent years, repeatedly reporting cases of accountability for hidden debt; regulatory bureaus in various regions under the Ministry of Finance, authorized by the Ministry, implement monitoring of local government debt, strictly control debt risks within the statutory limits, prevent and control hidden debt risks, and promptly propose improvement and handling suggestions for identified risk hazards, reporting them to the Ministry of Finance and local people's governments. (Caixin Network)