What does the local financing platform mean?

Local government financing platform company refers to an economic entity with independent legal personality, which is established by local government and its departments and institutions through financial allocation or injection of assets such as land and equity, and undertakes the financing function of government investment projects. (According to the definition in Guo Fa [20 10] 19) Notice of the Ministry of Finance, the Development and Reform Commission, the People's Bank of China and the China Banking Regulatory Commission on Implementing the Notice on Strengthening the Management of Local Government Financing Platform Companies in the State Council (FB [2010] 4/KLOC-0) The expression is as follows: the local government financing platform is an economic entity established by the local government, its departments and institutions, and its affiliated institutions. Through financial allocation or injection of assets such as land and equity, it has the investment and financing function of government public welfare projects and has the qualification of independent enterprise legal person, including various comprehensive investment companies, such as construction investment companies, construction development companies, investment development companies, investment group companies, state-owned assets operation companies, state-owned capital operation management centers and other industries.