Localization of debt is advancing in depth, many places striving for "zero debt".

Since the beginning of this year, the localization of debts has been accelerating, with local governments taking the lead in debt reduction. According to data from the Enterprise Early Warning System, as of April 13, local governments have issued about 1.3 trillion yuan in government bonds to replace existing hidden debts, accounting for approximately 46% of the planned issuance of 2.8 trillion yuan for the year. With the rapid arrival of funds for debt restructuring in recent years, some local governments have also sped up the reduction of hidden debts, and some have even managed to clear them completely. Currently, the overall debt risk of local governments is safe and controllable. According to data from the Ministry of Finance, as of the end of February this year, the total balance of local government debts in the country was about 56.6 trillion yuan.