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magazine of the Communist Party of China Central Committee. He said more efforts a
re needed to implement the proactive fiscal policy and boost efficiency this year.
Preventing and defusing local governments’ hidden debt risks is key to controlling major risks, he said.
Innovative financial tools will be introduced for debt swaps, and the indebted comp
anies will be allowed to choose the same way, under guidance from the local governments, Liu Shangxi, hea
d of the Chinese Academy of Fiscal Sciences, the Ministry of Finance’s think tank, told China Daily.
“The total amount of hidden debt waiting to be swapped has not yet been calculated, as this
round of debt swaps will not involve the government’s administrative orders, but depends on the ma
rket’s appetite based on the evaluation of the potential default risks and the companies’ solvency,” he said.
Concern over the recent escalation of tensions between Palestinians and Israelis have been temporarily relieved after Palestin
ian leaders in Gaza agreed a cease-fire with Israel early on Monday. Right now, nothing is more important than u
pholding the cease-fire as the atmosphere between the two rivals has not been so combustible since 2014.
Since Friday, militant groups in Gaza have fired more than 600 rockets a
nd other projectiles at southern Israeli cities and villages, killing four Israeli civilians, wit
h Israel retaliating with air and artillery strikes, killing 27 people, including 14 civilians, in Gaza.
The latest border clashes, the most deadly since 2014, have occurred against the backdrop of the changing Middle East po
licy of the United States, which has seen the US drop any pretense of impartiality and make clear its support of Israel.