Key question KQ-34 · Finance and markets

By 31 Mar 2029, does the 2029 Government Work Report or the Ministry of Finance's budget report state that the existing stock of hidden local-government debt has been fully cleared?

From C-005 Sealed 10 Oct 2026 Resolves by 31 Mar 2029 Open

Our standing estimate

One forecast: the estimate that it happens, and its complement. Our estimate, scored when it resolves.

  1. Hidden local debt by 2029: Beijing declares it fully cleared

    40% · unlikely · confidence not registered

    F-0235 · Open

  2. It does not happen

    60%

The situation when it was sealed (10 Oct 2026). Local financing vehicles are being shut down to a 2028 deadline, with about RMB5tn of their bonds due by end-2027.

How it moved

Each point is a sealed register row. There is one sealed estimate for each outcome so far: a new point is added only when we register a new estimate, and the old one stays listed and scored.

How the estimates moved: each point is a sealed register row; the figures are in the table that follows.050100%10 Oct 202631 Oct 20261
The vertical line is 31 Oct 2026. Numbers match the outcomes above.
Every sealed estimate for this question: outcome number, register row, date sealed, estimate, status
No.RowSealedEstimateStatus
1F-023510 Oct 202640%Open

Reassessments

No reassessment yet.

Signposts

What the brief says would move the view, quoted from it.

No signpost is published for this question yet.

Why it matters, by category

Finance and markets

  • It tests whether Beijing declares its debt clean-up finished; wording that the task has been 'basically' completed does not count.

Countries it touches

The countries our register links to these forecasts, most often linked first.

How it resolves

The registered words that decide each forecast, quoted unchanged.

  • F-0235

    “Happened if, by 31 Mar 2029, the State Council's 2029 Government Work Report or the Ministry of Finance's budget report to the NPC states that the existing stock of hidden local-government debt has been fully resolved or cleared (cleared to zero, qingling); wording that the task has been 'basically' completed does NOT count.”

The seals: each statement’s SHA-256 fingerprint
  • F-0235 sealed 10 Oct 2026SHA-256 d125dbc577007a56663784c857d0137acfbe65b61426c7ca8cbe2b18d418441c

Each probability is our estimate, scored when it resolves. Forecasts are general research on public events and policy; they are not investment, legal or tax advice.