China debt expert Li Daokui recommends the central government issue more treasury bonds to replace local debt, citing dampened economic growth due to high local debt loads.

China debt expert Li Daokui suggests the central government should issue more treasury bonds to replace local debt. Li, a former adviser to China's central bank, argues that high local debt loads have already dampened economic growth. Li also calls for deeper reforms to address weak demand ahead of a crucial economic meeting this month. He highlights that 25% of China's GDP purchasing power comes from local government spending.