[Local Debt Resolution Accelerated, Hidden Debt Balance Reduced Rapidly]

Published: Mar 30, 2026 13:57

Save

To prevent and defuse local debt risks, local governments have accelerated this year’s hidden debt swap program. According to Enterprise Early Warning data, as of March 30 this year, local governments had issued about 96 billion yuan of special refinancing bonds for swapping hidden debt, accounting for nearly half of this year’s planned issuance scale (200 billion yuan).

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 mins ago

[SMM Daily Hot-Rolled Coil Trading] Spot Trading Volume Increased

[SMM Daily Hot-Rolled Coil Trading] On March 30, the total daily trading volume of hot-rolled coil among SMM sample enterprises in four cities (Shanghai, Lecong, Tianjin, and Ningbo) was 15,220 mt, up 730 mt day-on-day, or 5.0%, with solar-calendar YoY at +32.58% and lunar-calendar YoY at -11.10%.

10 mins ago

55 mins ago

[SMM Steel] JSW Steel and JFE Steel establish joint control over Kalinga and Sambalpur units

[SMM Steel] On March 30, 2026, JSW Steel announced that Japan's JFE Steel Corporation completed a ₹7,875 crore investment as the first tranche for a 25% stake in JSW Kalinga Steel. Following the share allotment and board restructuring, both companies now exercise joint control over JSW Kalinga and its subsidiary, JSW Sambalpur Steel. Under the joint venture agreement, JFE is set to acquire an additional 25% stake for another ₹7,875 crore to reach a total 50% holding.

55 mins ago

57 mins ago

[SMM Hot Topic] April Hot-Rolled Coil Prices May Rise First and Then Weaken

As of March 30, the closing price of the most-traded HRC futures contract was 3,307. In March, the SMM national average spot price for HRC was 3,265.93 yuan/mt, with the monthly average price up 0.72% MoM.

57 mins ago