The Central Committee of the Communist Party of China and the State Council: Establish a sustainable urban construction operation and financing system, and leverage the financing functions of the bond market and stock market.

The Central Committee of the Communist Party of China and the State Council have issued opinions on promoting the high-quality development of cities. Among them, it is proposed to establish a sustainable urban construction operation and financing system. Implement the main responsibilities of local governments, coordinate fiscal funds, social capital, and financial channels. For matters involving major security and basic livelihood guarantees, the central government will increase special transfer payments and provide appropriate subsidies from the central budget for internal investments. Innovate financial and fiscal policy tools, attract and regulate the participation of social capital, and steadily promote the reform of public utility prices. Strengthen the supply of medium and long-term credit, leverage the financing functions of the bond and stock markets, encourage insurance, trusts, and other institutions to provide financial services. Accelerate the reform and transformation of financing platforms and resolutely curb the growth of hidden debts of local governments.