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A man walks in the Central Business District on a rainy day, in Beijing, China, July 12, 2023.

REUTERS/Thomas Peter

China picks a debt whiz to run its finances

Beijing announced that Lan Fo’an, currently provincial party secretary in Shanxi, will succeed Liu Kun at the Ministry of Finance, signaling a commitment to tackling the country’s mounting debt problem. China’s debt-to-GDP ratio has reached 280%, most of it held by local governments who borrowed heavily to fund development projects.

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