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Dec 18, 2025 26 min

An Update on China’s LGFV Debt Substitution Programme

from China Perspectives Hosted by Fitch Ratings

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

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An Update on China’s LGFV Debt Substitution Programme

0:00 26:11

Chapters

  1. 0:23 Introduction
  2. 1:50 Recent LGFV Sector Developments
  3. 5:40 Progress of the Debt Substitution Programme
  4. 9:45 LGFV Financial Health Amid Debt Substitution
  5. 13:17 Fiscal Impact of Debt Substitution on Local Governments
  6. 16:00 Lingering LGFV Debt Risks
  7. 20:34 Local Government Infrastructure Spending
  8. 22:53 2026 Local Government Fiscal Outlook
  9. 25:08 Conclusion

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This episode is 26 minutes long.

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This episode was published on December 18, 2025.

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