The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) held its 25th briefing session on issues of major concern in Beijing on May 20, focusing on establishing a long-term mechanism for preventing and defusing  local governments' hidden debt risks. Gao Yunlong, vice-chairman of the CPPCC National Committee and chairman of the All-China Federation of Industry and Commerce, attended the meeting.

Preventing and defusing local government debt risks is an essential requirement for balancing development and security. It was heard at the meeting that the Central Committee of the Communist Party of China  and the State Council place great importance on this issue and have formulated and implemented a package of plans to actively and steadily advance debt risk resolution.

Vice-Minister of Finance Song Qichao, Deputy Governor of the People's Bank of China Zhu Hexin, and Vice-Minister of Industry and Information Technology Shan Zhongde gave briefings on related work, and responded to questions raised by attending CPPCC members.