Golden Finance reports that Minister of Finance Lan Fo'an introduced at a press conference for the twelfth session of the Standing Committee of the 14th National People's Congress held on November 8 that starting from 2024, our country will allocate 800 billion yuan annually from newly issued local government special bonds for five consecutive years specifically for debt reduction, which can replace a cumulative hidden debt of 4 trillion yuan. In addition to this, the 60 trillion yuan debt limit approved by the Standing Committee of the National People's Congress will directly increase local debt reduction resources by 10 trillion yuan. It was also clarified that the hidden debt of 2 trillion yuan for shantytown renovation due after 2029 will still be repaid according to the original contract. Lan Fo'an stated that after the policy is coordinated, the total amount of hidden debt that localities need to digest before 2028 will significantly decrease from 14.3 trillion yuan to 2.3 trillion yuan, greatly alleviating the debt reduction pressure.