China announced a 10 trillion yuan ($1.4 trillion) program to refinance local government debt, as Beijing rolls out more measures to support a slowing economy facing new risks from the reelection of Donald Trump.
China will raise local governments’ debt ceiling to 35.52 trillion yuan, which will allow them to issue six trillion yuan in additional special bonds over three years to swap hidden debt, the Xinhua News Agency reported on Friday. Authorities later said local governments will be able to tap another total of 4 trillion yuan in new special local bond quota over five years for the same purpose.
Visited 1 times, 1 visit(s) today
