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China approves $1.4 trillion debt package in latest measure to boost flagging economy
China has approved a 10 trillion yuan ($1.4 trillion) plan to bolster its ailing economy by allowing local governments to refinance their debt, unveiling additional stimulus measures to counter a potentially volatile growth path marked by the impending return of Donald Trump to the White House. Finance Minister Lan Fo’an said at a press conference Friday that borrowing capped at 6 trillion yuan ($838 billion) would be allowed over three years to help regional governments replace their so-called “hidden debt.” This kind of debt is normally owed by risky local government financing platforms, backed by cities or ... (full story)
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- Posted: Nov 8, 2024 1:42pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 4,625
