China's New Move to Control Government Debt

China is making a big change to handle its money problems. They just created a new team to keep an eye on government debt. This is a big deal because China's economy is not growing as fast as before, and they have a lot of debt to manage. The new team will make rules and plans for both national and local government debt. They will also set limits on how much debt is okay and make sure governments pay back what they borrow. One of their main jobs is to watch out for "hidden debt, " which is money owed by local governments that isn't officially on the books. China has been trying to fix its debt issues for a while. Last year, they announced a huge 10 trillion yuan plan to help local governments with their money troubles. This was meant to boost the economy, which has been struggling. The new team is led by Li Dawei. He will be in charge of making sure everything runs smoothly. The finance minister, Lan Foan, has said that China needs to get better at managing debt to keep the economy healthy. This move shows that China is serious about tackling its debt problems. It's a step towards making sure the economy stays strong in the long run.