President Xi Jinping unveiled sweeping plans to bolster the finances of China’s indebted local governments, as the ruling Communist Party announced its long-term blueprint for the world’s second-largest economy.
China’s top leader mapped out measures for fixing the debt crisis facing regional authorities in a near-22,200 character resolution published by the official Xinhua News Agency on Sunday.
Those plans centered around shifting more revenue from the central to local coffers, such as by allowing regional governments to receive a larger share of consumption tax.