China Perspectives

An Update on China’s LGFV Debt Substitution Programme

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Davis Sun, Senior Director at Fitch Ratings, provides a progress report on China’s debt substitution plan and its impact on local government vehicles (LGFVs) and finances, as well as an outlook for 2026 and beyond.

  • (00:23) - Introduction
  • (01:50) - Recent LGFV Sector Developments
  • (05:40) - Progress of the Debt Substitution Programme
  • (09:45) - LGFV Financial Health Amid Debt Substitution
  • (13:17) - Fiscal Impact of Debt Substitution on Local Governments
  • (16:00) - Lingering LGFV Debt Risks
  • (20:34) - Local Government Infrastructure Spending
  • (22:53) - 2026 Local Government Fiscal Outlook
  • (25:08) - Conclusion

    • ...more
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    China PerspectivesBy Fitch Ratings
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