According to online reports, Minister of Finance Lan Fo 'an introduced at the press conference of the 12th session of the Standing Committee of the 14th National People's Congress held on November 8 that starting from 2024, my country will add new local governments every year for five consecutive years. Among the special bonds, 800 billion yuan will be allocated, which will be specially used for debt conversion, with a total of 4 trillion yuan of replaceable hidden debt. Coupled with the 6 trillion yuan debt limit approved by the Standing Committee of the National People's Congress this time, localized debt resources have been directly increased by 10 trillion yuan. At the same time, it is also clear that the hidden debt of 2 trillion yuan due in shantytown renovation in 2029 and beyond will still be repaid according to the original contract. Lan Fo 'an said that after the coordinated efforts of policies, before 2028, the total amount of hidden debt that local governments need to absorb will drop significantly from 14.3 trillion yuan to 2.3 trillion yuan, and the pressure on debt conversion will be greatly reduced.