China's Ministry of Finance said on Wednesday that it will speed up reforms in the urbanization process, such as fiscal, taxation, investment and financing.
Vice Minister of Finance, Liu Kun, said they will ensure funding for urbanization by innovating financial services and opening up market entry.
He also said that China will encourage social capital to take part in infrastructure construction, prevent and resolve financial risks, and strengthen controls on local government's borrowing behavior.
"We will support urbanization through local government bonds, and allow local governments to have rights to borrow money at a suitable level. Meanwhile, we will also improve the system of local government bonds, and explore a financing measure that combines both general bonds and designated bonds," Liu said.
Source: CCTV
