Into 2017, in accordance with the central economic work conference tone, fiscal policy will shift to a more active and effective. Reporter learned that this year's fiscal deficit rate is expected to remain at around 3%, but the overall scale of local debt will be modest expansion.I assume modest expansion of debt will be less than the nearly 100 percent increase in 2016?
Local debt replacement moderate expansion
According to the arrangements of the Ministry of Finance, in 2016 the scale of new local debt is 1.18 trillion yuan, which is nearly doubled compared to 2015. Among them, the general debt of 780 billion yuan, 400 billion yuan of special bonds. Replacement debt, the Ministry of Finance Wang Ke Bing, deputy director of the budget last year, has publicly stated that the year may be 5 trillion yuan of debt replacement.
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