China says it will set up a system to resolve its local government debt risks

<p>This info comes via Chinese Communist Party television (China Central Television), reported by Bloomberg (gated). </p><p>In brief:</p><ul><li>China said it will set up a system to resolve debt risks of its local governments</li><li>The plan was announced after a two-day, closed-door meeting (the <a href="https://www.forexlive.com/news/china-to-hold-its-financial-conference-focused-on-economy-debt-risks-20231023/" target="_blank" rel="follow">Central Financial Work Conference is held every 5 years</a>) to set the priorities for the US$61 trillion (RM290.63 trillion) financial sector</li><li>oversight of the financial sector would be boosted</li><li>efforts will be made to improve the regulation of property developers and their funds</li></ul><p>Sounds good, will much come of it?</p><p>—</p><p>I posted this yesterday:</p><ul><li><a href="https://www.forexlive.com/news/hsbc-ceo-says-the-worst-has-past-for-chinas-real-estate-implosion-20231031/" target="_blank" rel="follow" data-article-link="true">HSBC CEO says the worst has passed for China's real estate implosion</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.