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China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have rolled out a string of measures including the debt-for-bond swap to reduce the local debt burden.
China's fixed-asset investment rose 5.5 percent year-on-year in the first seven months of the year, down from 6 percent for January-June, data from the National Bureau of Statistics showed Tuesday.
China's financial risks gradually abated after a few years of fast accumulation, as the country deals with exposed risks and improves the financial regulation system to steer clear of systemic risks, said a report on China's financial stability in 2019 by the People's Bank of China (PBOC), the central bank.
China's iron and steel business is scaling back on over production and clamping down on pollution.
China's first new foreign investment law in decades, considered one of the most important legislative items at this year's gatherings of the National People's Congress and the Chinese People's Political Consultative Conference in Beijing, is likely to be passed later this week.