NEWS Desk Global
CHINA'S $1.4 TRILLION DEBT PACKAGE
China unveiled a 10 trillion yuan ($1.4 trillion) debt package on Friday to ease local government financing strains and stabilise flagging economic growth, but officials refrained from announcing direct economic stimulus.
Authorities increased the amount of debt local governments are allowed to raise through special bonds by 6 trillion yuan ($836 billion) over the next three years. This raises their special bond quota to 35.52 trillion yuan, and their overall debt ceiling to 52.79 trillion. China's local government debt under official quotas was at 40.74 trillion yuan at the end of 2023.
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