China has approved a CN¥10 trillion or US$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 CN¥6 trillion 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 provinces.
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