China is poised to allow provincial governments to have greater authority over the review process for local government special bonds, as part of a trial program. According to sources from multiple provincial development and reform commissions and finance departments, the trial program is expected to be rolled out in 12 provinces, including Zhejiang and Shandong, pending formal documents. The move is seen as a step towards greater financial autonomy for local governments, which have long been subject to central government oversight. The trial program aims to improve the efficiency and transparency of the review process, allowing provincial governments to take a more proactive role in managing their own finances. If successful, the program could pave the way for further decentralization of financial authority, giving local governments greater flexibility to respond to regional economic challenges. However, some experts have raised concerns that the trial program could create risks, such as the potential for corruption or mismanagement, if not properly implemented.