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Local govts' debt swap to hit 15t yuan

The central government plans to expand the program for addressing high-cost local government debt to about 15 trillion yuan, Finance Minister Lou Jiwei told a closed-door meeting last month, according to a person who attended the gathering. The initiative to swap high-yielding local debt into cheaper municipal bonds is set to run through the end of 2017. Officials were previously reported to have approved about 4 trillion yuan for this year.