China unveils 10tn yuan support for debt-stricken local government

Cash stops short of hoped-for ‘bazooka option’, with critics calling it ‘an accounting exercise’ that will not bolster growth

China has announced 10tn yuan in debt support for local governments and other economic measures, but stopped short of the “bazooka” stimulus package that many analysts had expected.

The fiscal package included raising debt ceilings for local governments by 6tn yuan (£646bn) over three years, so they could replace hidden debt, which authorities said stood at 14.3tn yuan by the end of 2023.

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China unveils 10tn yuan support for debt-stricken local government

Topics

Related

China announces $1.4 trillion package over five years to tackle local governments' 'hidden' debt

China approves $840B plan to refinance local government debt, boost slowing economy

China Reveals $1.4 Trillion Plan to Bail Out Local Governments

China Moves to Ease Debt Concerns---but Again Holds Off on Stimulus Measures

China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges

Shares in UK retailers fall as sector counts cost of NICs tax rise – business live

Local government has become a chokehold for Chinese business

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