China Reveals $1.4 Trillion Plan to Bail Out Local Governments
The Chinese government on Friday approved a $1.4 trillion plan to revive the economy, authorizing local governments to refinance crushing debts that have left some cities unable to pay their bills. The move caps a series of steps that China’s leaders started rolling out in September to stimulate growth.
VIEW China raises local government debt ceilings to revive economy
China top legislative body approved a bill on Friday to allow local governments to issue 6 trillion yuan ($838.8 billion) in bonds to swap for off-balance sheet or "hidden" debt over three years, as policymakers sought to spur the sluggish economy.
China announces $1.4 trillion over five years to tackle local governments’ hidden debt
China on Friday announced the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments for tackling hidden debt issues.
China just announced a $1.4 trillion plan to rescue its local governments
Friday's announcement is the latest in a string of stimulus measures China has taken to turn around its ailing economy.
China approves $840B plan to refinance local government debt, boost slowing economy
China has announced a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt in the latest push to rev up growth in the world's second largest economy
China announces $1.4 trillion package over five years to tackle local governments' 'hidden' debt
Authorities in Beijing have ramped up stimulus announcements since late September in an effort to bolster its flagging economy.
China unveils $1.4T stimulus package to ease massive local government debt
China has unveiled a $1.4T stimulus package over five years to ease the heavy debt burdens of local governments. Read more.
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