Davis Sun, Senior Director at Fitch Ratings, provides a progress report on China’s debt substitution plan and its impact on local government vehicles (LGFVs) and finances, as well as an outlook for 2026 and beyond.
- (00:23) - Introduction
- (01:50) - Recent LGFV Sector Developments
- (05:40) - Progress of the Debt Substitution Programme
- (09:45) - LGFV Financial Health Amid Debt Substitution
- (13:17) - Fiscal Impact of Debt Substitution on Local Governments
- (16:00) - Lingering LGFV Debt Risks
- (20:34) - Local Government Infrastructure Spending
- (22:53) - 2026 Local Government Fiscal Outlook
- (25:08) - Conclusion
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