Chinese lawmakers have approved increasing 6 trillion yuan ($837.3 billion) in local government special debt quota to replace outstanding implicit debt on Friday, to be used in three years.

At a news conference on Friday following the closing of the latest session of the Standing Committee of the National People's Congress, Xu Hongcai, an official of the financial and economic affairs committee of the NPC, said that the limit on special local government debt will be therefore increased from 29.52 trillion yuan to 35.52 trillion yuan by the end of 2024.