The central government of China continues to relieve pressure on local debts. The Ministry of Finance this year have issued 600 billion yuan of municipal bonds and increases the debt-for-bond swap program for local governments to 3.2 trillion yuan. According to Anbound's scholars, the debt problem cannot be solved within short period of time, and there is large pressure for steady growth, therefore it will not be possible for debt crunch, and debt-cycle will be extended under New Normalcy in China.