Yuan Haixia, executive dean at China Chengxin International Research Institute, said short-term priorities are faster implementation of existing policies and preparing incremental measures and policy coordination to shore up micro-level expectations, with the bond market playing a central role. She urged accelerating issuance and use of ultra-long special treasury bonds, local government special bonds and policy financial instruments. On local debt, she said large-scale swap operations have kept

Yuan Haixia, executive dean at China Chengxin International Research Institute, said short-term priorities are faster implementation of existing policies and preparing incremental measures and policy coordination to shore up micro-level expectations, with the bond market playing a central role. She urged accelerating issuance and use of ultra-long special treasury bonds, local government special bonds and policy financial instruments. On local debt, she said large-scale swap operations have kept aggregate local government debt risk controllable but called for a long-term debt-management framework aligned with high-quality growth. She recommended compiling a comprehensive government asset-liability ledger to assess true balance sheets and repayment capacity, monetizing stock assets via REITs, asset securitization and transfer-of-operations, and linking monetization results to debt limits and transfer-payment incentives.