China’s new finance minister, Lan Foan, has announced plans to issue and use government bonds faster, focusing on improving efficiency and leveraging special bonds to boost the economy.

The ministry will also release early 2024 local government debt quotas to meet local financial needs.

The appointment comes as the central government relies on debt and state spending but lacks substantial reform.

The economy grew faster than expected in Q3, but private enterprises are hesitant to spend due to the property crisis.