Advertisement

China approves US$1.4 trillion plan to stimulate economy

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.



comments powered by Disqus
Most Popular
Tourism minister predicts strong 2024/25...
Police charge 6 people in connection with...
Policeman killed during gas station robbery