On November 3, the 25th session of the Standing Committee of the 14th National People's Congress heard the State Council's report on financial work. Pan Gongsheng, Governor of the People's Bank of China, was commissioned by the State Council to report on financial work since October 2025 to the Standing Committee of the National People's Congress. Supporting financing platforms to mitigate debt risks has achieved remarkable results. Continue to urge all regions to implement a package of debt conversion plans, resolve financing platform debt risks in an orderly manner, and accelerate the withdrawal and reform transformation of financing platforms. At the end of September 2026, the number of remaining financing platforms in the country decreased by 92% compared to the end of March 2023; at the end of June 2026, the stock of operating financial debt decreased by 79% compared to the end of March 2023.

On November 3, the 25th session of the Standing Committee of the 14th National People's Congress heard the State Council's report on financial work. Pan Gongsheng, Governor of the People's Bank of China, was commissioned by the State Council to report on financial work since October 2025 to the Standing Committee of the National People's Congress. Supporting financing platforms to mitigate debt risks has achieved remarkable results. Continue to urge all regions to implement a package of debt conversion plans, resolve financing platform debt risks in an orderly manner, and accelerate the withdrawal and reform transformation of financing platforms. At the end of September 2026, the number of remaining financing platforms in the country decreased by 92% compared to the end of March 2023; at the end of June 2026, the stock of operating financial debt decreased by 79% compared to the end of March 2023.